Bloomberg News

TNK-BP Raises Russian Retail Fuel Sales 25%, Vice President Says

December 14, 2011

Dec. 14 (Bloomberg) -- TNK-BP, BP Plc’s Russian venture, expects to increase sales in its retail business by 25 percent to $8.8 billion this year, a company official said.

Fuel sales advanced 16 percent to 3.6 million metric tons, Alexander Nesterov, vice president for marketing, said today at a press conference in Moscow. The company opened 36 retail stations under its TNK and BP brands this year, bringing the total to 774 outlets.

TNK-BP’s retail operations are its most profitable business, Nesterov said. “There needs to be some motivation to expand in the retail business,” he said.

Earnings before interest, taxes, depreciation and amortization for those operations will be about $600 million, up 13 percent from 2010, Nesterov said.

--Editors: Rachel Graham, Rob Verdonck

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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