OREANDA-NEWS. On December 19, 2008 TNK-BP announced the acquisition of the minority shareholding of 25% plus one share in STBP Holdings Limited, the company which operates 56 BP branded retail sites in Moscow and Moscow region, reported the press-centre of TNK-BP.

The acquisition follows receipt of Board support for the transaction last week. Completion of the transaction is expected to occur during the first quarter of 2009.

The acquisition will bring TNK-BP’s ownership in this strategic asset to 100% and will drive further efficiencies through the resulting corporate simplification.

TNK-BP CEO, Tim Summers noted: “This deepening of our downstream investment is another indicator of our continuing confidence in the Russian retail fuels market. Consolidating our interest in STBP will also allow us to drive further cost savings and efficiencies into our organization which will help our customers in these economically testing times.”