TNK & TEXACO LUBRICANTS JOINT VENTURE ANNOUNCES SHARE SALE AGREEMENT
04 Jun 2004
MOSCOW, June 4, 2004 - Texaco Overseas Holdings Inc, a ChevronTexaco company, has agreed to sell its 50% share in the TNK & Texaco Lubricants Company joint venture to the TNK-BP group, subject to regulatory approvals.
It is expected that the share sale will be completed within the next six months, during which time the TNK & Texaco Lubricants Company will continue to market and distribute both Texaco and TNK-branded lubricants products across Russia, Ukraine and Belarus.
Both ChevronTexaco and TNK-BP remain committed to developing the lubricants presence of their respective marketing companies in Russia, Ukraine and Belarus and, following the conclusion of the share sale agreement, will distribute and market their products separately in the three countries.
Tony Roche, General Director, TNK & Texaco Lubricants Company, commented, "The joint venture was highly successful in launching TNK-branded lubricants and building the profile of ChevronTexaco lubricant brands Havoline and Ursa, in Russia and Ukraine. However the decision to dissolve the joint venture was a likely consequence of the TNK-BP partnership, leaving both TNK-BP and ChevronTexaco free to develop their lubricants interests separately." Source TNK & Texaco Lubricants Joint Venture
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