Russia: TNK-BP Purchases Sibir Network
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Monday, 22 December 2008 |
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TNK-BP has confirmed it has bought Sibir Energy's 25 percent plus one
share in STBP Holdings, a company which operates 56 BP-branded service
stations in the Moscow area.
As reported by PetrolWorld talks have been ongoing and the
acquisition, which will be completed in the first quarter of 2009,
brings TNK-BP's share in STBP to 100 percent, TNK-BP.
TNK-BP acting CEO Tim Summers said in the statement."This deepening of
our downstream investment is another indicator of our continuing
confidence in the Russian retail fuels market,".
Sibir has said the global financial crisis and a consequential drop in
share values had impacted the financial position of its key
shareholder, Shalva Chigirinsky. Chigirinsky and his partner Igor
Kesayev control 47 percent of Sibir and the government of Moscow owns
another 18 percent.
PetrolWorld 211208
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