TNK-BP to invest US$1 billion in filling stations

Russian oil major TNK-BP plans to invest US$1 billion in the development of its gasoline filling station chain and marketing over four years, Amir Feizulin, the company’s vice president for marketing, said. Of the total funds, TNK-BP plans to invest around US$150 million in the development of its gasoline station chain and marketing in 2010. TNK-BP plans to use the funds to buy and re-brand gasoline filling stations in Moscow, St. Petersburg, Yekaterinburg, Chelyabinsk, Moscow and Leningrad, and southern Russia. Feizulin said that the company plans to increase its share of Russia’s retail oil products market by 30%. (September 15, 2010)