Ashland, Inc., and TNK-BP Sign Five-Year Agreement

Via Ashland press release:

 

MOSCOW, Russia – Valvoline, a brand of Ashland Consumer Markets, a commercial unit of Ashland Inc. (NYSE: ASH), and TNK-BP, Russia’s third-largest oil company, today announced a five-year agreement pursuant to which TNK-BP will distribute Valvoline motor oil to the passenger car market in Russia. Financial terms of the transaction were not disclosed. 

 

“We are very excited about this distribution relationship with TNK-BP,” said Sam Mitchell, president, Ashland Consumer Markets. “With its passenger car lubricants market being the largest in Europe – and still growing year on year, Russia represents a significant growth opportunity for passenger car motor oils, particularly with the increasing popularity of Western cars. By combining Valvoline’s brand leadership and high-quality lubricants with TNK-BP’s extensive retail network and local market insights, we believe we can build a strong foundation for future growth and market share expansion.”      

 

“The signing of this distribution agreement with Valvoline, one of the biggest players in the global lubricants market, represents the beginning of a productive relationship between our companies,” said Alfredo Barrios, executive vice president, Downstream, TNK-BP. “This agreement extends the range of high-quality lubricants available to our customers and strengthens TNK-BP’s leadership in the premium Russian market segment of oil and lubricants. It also offers a new level of service and customer support. I’m sure our cooperation provides excellent prospects for effective growth in the Russian oil market for TNK-BP and for Valvoline.”

 

Under the new TNK-BP distribution agreement, Mitchell believes that Valvoline will be able to achieve significant volume growth in Russia. 

 

“With access to 15,000 retail stores across Russia, TNK-BP offers unparalleled opportunities to introduce Russia drivers to the trusted Valvoline brand and our premium products,” Mitchell said.   

 

About TNK-BP

TNK-BP is Russia’s third largest oil company and is owned by BP and the AAR consortium (Alfa Group/Access Industries/Renova) on a parity basis. Additionally, TNK-BP owns approximately 50 percent of the Russian oil and gas company Slavneft. TNK-BP’s share in Russia’s oil production (including its share in Slavneft) is about 16 percent. The Company’s total proved SEC LOF reserves as 9.115 billion BOE as of December 31, 2011.

 

Ashland Consumer Markets – EMEA

Ashland Consumer Markets is a leading, worldwide producer and distributor of premium-branded automotive, commercial and industrial lubricants and car-care products. It markets Valvoline™ lubricants and automotive chemicals; MaxLife™ lubricants for cars with higher mileage engines; NextGen™ motor oil, created with 50-percent recycled, re-refined oil; SynPower™ synthetic motor oil; Eagle One™ and automotive appearance products; and antifreeze. Key customers include retail auto parts stores and mass merchandisers who sell to consumers; installers, such as car dealers, repair shops and quick lubes; commercial fleets; and distributors. See ashland.com for more information. 

 

About Ashland Inc.

In more than 100 countries, the people of Ashland Inc. (NYSE: ASH) provide the specialty chemicals, technologies and insights to help customers create new and improved products for today and sustainable solutions for tomorrow. Our chemistry is at work every day in a wide variety of markets and applications, including architectural coatings, automotive, construction, energy, food and beverage, personal care, pharmaceutical, tissue and towel, and water treatment. Visit ashland.com <http://www.ashland.com/
to see the innovations we offer through our four commercial units – Ashland Specialty Ingredients, Ashland Water Technologies, Ashland Performance Materials and Ashland Consumer Markets.

About National Oil & Lube News

National Oil & Lube News is the fast oil change industry's oldest and largest trade publication. Started in 1986 by Steve Hurt (a former fast lube owner) and David Arrington, NOLN has grown and evolved right alongside the fast lube industry. Here at NOLN, our aim is to help fast lube operators with every facet of their business, from operations to technical issues. Our monthly magazine and this regularly updated website contain everything from technical tips, recall announcements and service guides to articles on handling customer complaints, building your brand and making your business the best it can be. With tips and advice from experts both inside and outside the industry, you're sure to learn something that can help your fast lube business grow and prosper.
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