OREANDA-NEWS. April 20, 2012. Valvoline, a brand of Ashland Consumer Markets, a commercial unit of Ashland Inc. (NYSE: ASH), and TNK-BP, Russia’s third-largest oil company, 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, reported the press-centre of TNK-BP.

“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.