Neste Corporation has signed an agreement to sell its fuel retail business consisting of 75 fuel stations and a terminal in St. Petersburg region to PJSC Tatneft, one of the leading integrated oil and gas companies in Russia. The divestment has no impact on Neste’s Marketing & Services' operations in Finland and the Baltic countries.
Neste targets to become a global leader in renewable and circular solutions. The divestment of Russian fuel retail business will enable us to focus on our strategic priorities.—Neste’s President and CEO Peter Vanacker
Pursuant to a separate agreement between Tatneft and Neste following the acquisition the retail network will continue to operate under the Neste brand for up to 5 years.
The parties have agreed that the transaction price shall remain confidential. The transaction will not have a material effect on Neste’s and Tatneft’s respective financial positions. The completion of the divestment is subject to the approval of the Russian competition authorities and the transaction is estimated to be completed by the end of 2019.