Petrol, Tyumen Oil plan refining-marketing venture in Balkans

By the OGJ Online Staff

HOUSTON, Jan. 29 -- Russian company Tyumen Oil Co. and Slovenian company Petrol have agreed to cooperate in oil processing and marketing in Croatia, Bosnia and Herzegovina, the Federal Republic of Yugoslavia, and Macedonia.

Tyumen will provide crude for processing and will manage processing of oil products. Petrol will provide marketing and sales services as well as manage logistics, marketing, and sales of oil products.

Tyumen Pres. Simon Kukes said, "Cooperation with the leading marketer in Slovenia will provide a good growth opportunity for our company in the area of refining and marketing in the region of Former Yugoslavia."

Janez Lotric, president of Petrol, said the cooperation will provide new opportunities for growth in the region.

Tyumen is owned by the Russian Alfa Group and US-Russian Access/Renova. Petrol was formed in 1945 as a crude and refined product trader. After privatization, Petrol was registered as a joint stock company in 1996.

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