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. Last Updated: 07/27/2016

TNK-BP to Buy Up More Gas Stations

VedomostiA TNK gas station in Moscow. TNK-BP plans to spend $500 million over five years on expanding its retail chain.
TNK-BP said Monday that it was seeking to buy Moscow and St. Petersburg filling stations to increase control over its retail business and expand in the capital city, the country's largest gasoline market.

TNK-BP has held talks with nonstate owners of filling stations, some of which already operate under TNK, company spokeswoman Marina Dracheva said. No decision has been reached and the plan has not been presented to TNK-BP's board, she said.

TNK-BP plans to spend $500 million over five years to expand its retail chain in Moscow, St. Petersburg and Krasnodar, in southern Russia.

The oil producer, the country's third-largest, began revamping the TNK brand last year, adding convenience stores and services at filling stations and raising quality control. TNK-BP owns more than one-third of its 1,600 retail stations, including all the BP-branded stations.

TNK-BP is in talks to pay as much as $900 million for Magistral, which manages filling stations and oil-tank farms in Moscow and St. Petersburg, Vedomosti reported Monday, citing an unidentified company official. Magistral is TNK-BP's main jobber, a fuel retailer with stations run under the TNK brand, the newspaper said.

n TNK-BP will begin exploring for oil in Venezuela after reaching an agreement with the government, Interfax said Monday.

The agreement allowing TNK-BP to begin exploration was signed during talks between Venezuelan President Hugo Chavez and First Deputy Prime Minister Alexander Zhukov on Friday.