09.11.2007, 14:14
Sibir to Invest Over $250 Million
OREANDA-NEWS. Sibir announces that it plans to invest over $250 million in the course of the next five years through its downstream subsidiary, Moscow Oil and Gas Company (MOGC), to upgrade and expand its retail fuels network to over 200 units in Moscow and the Moscow Region. The planned programme will be funded from internally generated cash resources.
Under the plan, MOGC will build over 120 new MTK-branded petrol stations featuring modern fuelling facilities, convenience stores and car washes in the Moscow and Moscow Region. Additionally, 80 existing retail assets operating under the MTK and “Nefto” brands will be consolidated under the MTK brand and over 85% will be upgraded to include full-service facilities including fuels, convenience stores and car washes to ensure a consistent service offering across the network.
The expanded and upgraded network is expected to sell over 1.5 billion litres of motor fuels annually and establish one of the largest networks of convenience stores in the region, providing Moscow motorists with modern fuelling and shopping facilities. Concurrent with the retail expansion, MOGC will rationalise its fuels storage and distribution network, closing a number of terminals and upgrading strategic facilities to conform to the highest operational, safety and environmental standards to ensure security and quality of fuels supply to the region.
Commenting on the announcement, MOGC Board Member, Stuard Detmer, said, "When the City of Moscow invested its downstream assets into Sibir, one of its stated goals was to ensure the quality, security and stability of motor fuels supply for a rapidly growing metropolis. Now that MOGC is part of Sibir, we are taking steps to realise that vision and today’s announced expansion plans ensure that motorists, enterprises and government agencies in Moscow and the Moscow region can rely on us for world class products and services now and in the years ahead."
Under the plan, MOGC will build over 120 new MTK-branded petrol stations featuring modern fuelling facilities, convenience stores and car washes in the Moscow and Moscow Region. Additionally, 80 existing retail assets operating under the MTK and “Nefto” brands will be consolidated under the MTK brand and over 85% will be upgraded to include full-service facilities including fuels, convenience stores and car washes to ensure a consistent service offering across the network.
The expanded and upgraded network is expected to sell over 1.5 billion litres of motor fuels annually and establish one of the largest networks of convenience stores in the region, providing Moscow motorists with modern fuelling and shopping facilities. Concurrent with the retail expansion, MOGC will rationalise its fuels storage and distribution network, closing a number of terminals and upgrading strategic facilities to conform to the highest operational, safety and environmental standards to ensure security and quality of fuels supply to the region.
Commenting on the announcement, MOGC Board Member, Stuard Detmer, said, "When the City of Moscow invested its downstream assets into Sibir, one of its stated goals was to ensure the quality, security and stability of motor fuels supply for a rapidly growing metropolis. Now that MOGC is part of Sibir, we are taking steps to realise that vision and today’s announced expansion plans ensure that motorists, enterprises and government agencies in Moscow and the Moscow region can rely on us for world class products and services now and in the years ahead."
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