Neste Oil divested small non-core assets in Canada
20 December 2006 - Neste Oil, a Finnish refining and marketing company, has divested its 25 percent stake in CanTerm Canadian Terminals Inc., which owns and operates terminals for petroleum and chemical products in Quebec City and Montreal, Canada. Neste Oilís stake was acquired by Olco Petroleum Group Inc., a Canadian petroleum product supplier and marketer. Following the transaction Olco became CanTermís sole owner. At the same time Olco also purchased Neste Oilís petroleum products direct sales distribution business in Ontario. Neste Oil recorded a small capital gain on these two divestments.
These divestments of non-core assets underline Neste Oilís strategy of focusing business on two growth areas, which are oil refining and premium-quality biodiesel.
Neste Oil Corporation
Senior Vice President, Communications
Neste Oil Corporation is a refining and marketing company, with a focus on advanced, clean traffic fuels and a strategy aimed at growing the companyís oil refining operations and premium-quality biodiesel production. Neste Oilís refineries are located in Porvoo and Naantali in Finland, and have a total refining capacity of approx. 250,000 bbl/d. The company employs around 4,600 people. Neste Oil is listed on the Helsinki Stock Exchange (symbol: NES1V). For further information, see www.nesteoil.com.
- Contact Information
- Jarmo Honkamaa
- EVP, Oil Refining
- Neste Oil Corporation
- Contact via E-mail
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