Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Texaco to Advise TNK

WHITE PLAINS, New York -- U.S. oil major Texaco Inc. signed an agreement Tuesday with Tyumen Oil Co., or TNK, to provide the local firm with commodity risk-management services and related support.

Texaco and TNK have operated a joint venture since January to market Texaco-branded imported lubricants, as well as TNK and Texaco-branded lubricants produced and blended at TNK's refinery in Ryazan, 200 kilometers southeast of Moscow.

TNK head Simon Kukes said in a statement after signing the deal at Texaco's White Plains, New York, offices that the expansion of the relationship with the U.S. firm is part of his firm's strategy to form partnerships with Western companies for marketing, investment, exploration and production.

However, he gave no further details.