Tyumen Oil named best fuel and energy company

Dec 20, 2000 01:00 AM

Tyumen Oil has been named best fuel and energy company of the year by Kompaniya magazine, a Russian business weekly. The award recognizes Tyumen Oil's contribution to the Russian economy and its strong ability to attract Western investment.
The magazine in October selected Simon Kukes, president and CEO of Tyumen Oil, as one of Russia's best managers. In December, readers of the popular Moscow-based daily Komsomolskaya Pravda also named Kukes businessman of the year.
The most recent award, which was received at a ceremony in Moscow on Dec. 13, comes just two weeks after Financial Times Energy hailed Tyumen Oil as the best oil and gas company in the world. In a congratulatory letter sent just after Tyumen Oil won the distinguished FT Energy award, Russian President Vladimir Putin noted "for the first time in history, a Russian oil company has been a big success at the highly respected international contest."
"Your victory is an important achievement for our national economy," President Putin said. "Recognition of Tyumen Oil as one of the leaders in the oil and gas business is further proof of the positive development of the Russian fuel and energy industry."

In addition to the two recent awards, Tyumen Oil is also proud to have its lubricant products named Best Russian Oil Product of 2000 by the country's National Trade Association. Tyumen Oil produces the lubricants as part of a joint venture with Texaco at its Ryazan Refinery.
"We have just recently launched this product and have already won the confidence of Russian motorists," said Eduard Granik, deputy general director of TNK-Texaco. "The Russian market has an abundance of domestic and foreign engine oils for consumers to choose from, so we are very happy to be recognized for our superior product."

The latest accolades come after a year of successful acquisitions and profitable partnerships. Tyumen Oil this year acquired ONAKO, Russia's 14th largest oil company; Kondpetroleum, a Russian oil company; Linos, a Ukrainian refinery; and obtained two significant natural gas exploration licenses in Eastern Siberia. Its Western partners include Texaco, Halliburton, ABB Lummus Global and others.
Tyumen Oil also this year received the largest loan guarantees ever granted by the US Export-Import Bank to a Russian company. In April, the ExImBank granted $ 498 mm in loan guarantees for two Tyumen Oil projects: the rehabilitation of the Samotlor oilfield and the upgrade of the Ryazan refinery near Moscow.

Tyumen Oil, established in 1995 and owned by the Russian Alfa Group and US-Russian Access/Renova, has crude oil reserves of more than 8.2 bn barrels and refines more than 660,000 bpd. It ranks No. 2 in reserves and No. 4 in production among Russian oil companies, and was named the world's "Best Oil and Gas Company" of 2000 by Financial Times Energy. Tyumen Oil owns and franchises a chain of nearly 800 branded retail gasoline stations in Russia.

Source: Tyumen Oil Co.
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