Sibir Energy plans to invest over $250 mln in Moscow retail expansion
Sibir Energy PLC said it plans to invest more than $250 mln over the next five years to expand its retail fuels network to over 200 units in Moscow and the Moscow Region.
The investment, via Sibir’s downstream subsidiary Moscow Oil and Gas Co (MOGC), 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.
Additionally, 80 existing retail assets operating under the MTK and ‘Nefto’ brands will be consolidated under the MTK brand. The expanded and upgraded network is expected to sell over 1.5 billion liters of motor fuels a year and result in one of the largest networks of convenience stores in the region, Sibir said. MOGC will rationalize its fuels storage and distribution network, closing a number of terminals and upgrading strategic facilities. (petrolplaza)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.