TNK-BP, BP Plc’s Russian venture, expects to increase sales in its retail business by 25 percent to $8.8 billion this year, a company official said.
Fuel sales advanced 16 percent to 3.6 million metric tons, Alexander Nesterov, vice president for marketing, said today at a press conference in Moscow. The company opened 36 retail stations under its TNK and BP brands this year, bringing the total to 774 outlets.
TNK-BP’s retail operations are its most profitable business, Nesterov said. “There needs to be some motivation to expand in the retail business,” he said.
Earnings before interest, taxes, depreciation and amortization for those operations will be about $600 million, up 13 percent from 2010, Nesterov said.