'TEXACO MARKETING POLAND' FORMED: NEW JOINT VENTURE WILL INITIALLY MARKET LUBRICANTS IN POLAND
'TEXACO MARKETING POLAND' FORMED:
NEW JOINT VENTURE WILL INITIALLY MARKET LUBRICANTS IN POLAND
LONDON, Nov. 18 /PRNewswire/ -- Texaco Europe President Peter I. Bijur, today announced the signing of a joint venture agreement between Texaco and Polski Zwiazek Motorowy (PZM) of Poland and SMG S.P.R.L. of Belgium for the marketing of lubricants, motor fuels and diversified products in Poland. The agreement is subject to statutory review by the Polish Ministry of Ownership Change.
The joint venture will market Texaco-branded lubricants to customers in the transportation and selected industrial sectors in Poland. The joint venture will provide the opportunity for the development of a modern retail service-station network as and when economic conditions allow.
Texaco will hold a 50-percent share in the new entity, Texaco Marketing Poland. PZM, a nationwide public association of Polish Motor Clubs, will hold 35 percent. PZM has an existing network of 11 retail filling stations, 127 car care shops, 84 garages which sell lubricants and diversified products, 208 driver education schools, and a road assistance organization. SMG, a Belgian company with considerable marketing experience in Poland, including selling some Texaco-branded lubricants and car-related accessories into that country, will hold 15 percent of the new joint venture.
Commenting on the agreement, Bijur said, "Although Texaco-branded products have been sold in the Polish market for more than two years, we believe that this is the first formal venture between Polish and Western companies for the marketing of motor fuels and lubricants.
"We are delighted to have as partners PZM, with its existing comprehensive network of outlets, and SMG, with its extensive marketing experience in Poland. Poland offers great potential as a market for motor fuels and lubricants."
/CONTACT: Sandy Walkington of Texaco Inc., 914-253-4604/
(TX) CO: Texaco Inc. ST: New York IN: OIL SU: FC -- NY030 -- 1292 11/18/91 09:49 EST