Sunday, October 22, 2017

TNK-BP to invest $20 million to develop Koltsovo Airport fuel-filling complex

TNK-BP, Russia's third largest oil company, plans to invest as much as $20 million in developing the fuel-filling complex the company recently purchased at Koltsovo Airport in Yekaterinburg.

The company closed the deal on Sunday, purchasing 100 percent of TZK-Aktiv LLC from Koltsovo Airport for $70 million and 100 percent of Fuel Filling Company Koltsovo for $30 million, Reuters reports.

"TNK-BP is one of Russia's largest producers of jet fuel and acquiring a fuelling complex at a major regional airport is part of our strategy to offer our clients a broader range of higher quality services," Dmitry Ustinov, TNK-BP's vice president of business marketing and new business development, said. "We remain committed to meeting the airlines' needs for high quality jet fuel and are preparing a comprehensive program of modernization of the jet fuel supply system at Koltsovo Airport."

Koltsovo International Airport is one of the largest regional airports in Russia. It works with more than 40 Russian and international airlines and provides links between Yekaterinburg and more than 100 cities around Asia, Europe and North Africa.

TNK-BP is owned by BP and the AAR consortium on a parity basis. The company owns approximately 50 percent of the Russian gas and oil company Slavneft. TNK-BP's share of Russian oil production is approximately 16 percent.