Gazprom Neft approves business plan for lubricants arm

The business plan of Gazprom Neft Lubricants Italia S.p.A. (GNLI) was approved by its board of directors at a June meeting. By year-end, the company should be able to produce about 11,000 tons of lubricants, of which 2,800 tons will be under the brand of Gazprom Neft JSC. By 2011, Gazprom Neft plans to control 3% of Italy’s oil market and 20% of the country’s lubricants market. The company added that it plans to increase sales to 20,000 tons of oil products by 2011. The first products under the Gazprom Neft brand, 20 industrial and automotive lubricants, will be produced in July 2009. (June 5, 2009)