TNK-BP looks to Mongolia for market expansion

TNK-BP, a vertically integrated oil company has signed a memorandum of understanding to investigate the development of supplying Russian oil to Mongolian refineries. “Diversification of markets is a priority for TNK-BP, and the development of the Mongolian economy opens up good prospects for expanding business in this country,” stated Jonathan Kolek, vice-president for sales of the Russia-based TNK-BP. The types of petroleum products, prices, methods of delivery are still to be agreed upon between TNK-BP and the agency for oil in Mongolia. TNK-BP’s Kolek went on to say, “TNK-BP in the rapidly growing market of Mongolia will contribute to the development of a competitive environment and to meet the growing demand for high-quality petroleum products.” (February 22, 2011)