Neste Oil divests its gas business in Estonia
Neste Oil has sold its majority-owned (93.85%) Estonian subsidiary, AS Reola Gaas, to the Estonian-based Alexela Group. The transaction was completed on 1 August. The parties have agreed not to disclose the value of the sale. The divestment will have a minor positive impact on Neste Oil’s third-quarter result. The 25 people employed by AS Reola Gaas will transfer to Alexela as part of the transaction.
AS Reola Gaas sells bottled, bulk, and automotive gas to industrial and other customers. The company has an LPG terminal in Tartu, where bottled gas filling and maintenance operations take place and where bulk and bottled gas deliveries are supplied from.
Oil Retail in brief
Neste Oil’s Oil Retail business has a network of 1,171 service stations and other outlets and is a key marketing channel for Neste Oil’s premium-quality, low-emission products. Oil Retail aims to be a leading player in its markets and is a major petroleum products retailer in Finland, Northwest Russia, Estonia, Latvia, Lithuania, and Poland.
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world’s leading supplier of renewable diesel. The company had net sales of EUR 11.9 billion in 2010 and employs around 5,000 people. Neste Oil’s share is listed on the NASDAQ OMX Helsinki.
Neste Oil has been selected into the Dow Jones Sustainability World Index and is also featured in the Ethibel Excellence investment register. The company is included in The Global 100 list of the world’s most sustainable corporations. Forest Footprint Disclosure (FFD) has ranked Neste Oil as the best performer in the oil & gas sector. Further information: www.nesteoil.com.
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