February 1, 2007
Neste Oil to sell its Aviation business in Latvia to Statoil
Neste Oil, a Finnish refining and marketing company, has signed an agreement to sell its into-plane aviation fuels business at the Riga International Airport to Statoil.
The transaction between SIA Neste Latvija and SIA Latvija Statoil includes the assets, contracts and personnel related to the business of supplying, storing and marketing into-plane aviation fuels. A storage facility at the Riga airport is also part of the transaction. The companies have decided not to disclose the value of the transaction.
The divestiture is in line with Neste Oil´s strategy of concentrating on its core businesses. Riga has been the only airport outside Finland, where Neste Oil has been active in into-plane aviation fuels business.
After this transaction Neste Oil will focus on developing its aviation operations at the Helsinki-Vantaa airport in Finland.
In Latvia Neste Oil will continue its oil retail businesses which include expanding network of Neste A24 stations, wholesale of petroleum products and lubricants as well as oil terminal operations. The company operates 38 Neste A24 stations in Latvia and is the second-biggest fuel retailer in the country.
The transaction is subject to approval by the Latvian Competition Board.
About Neste Oil
Neste Oil Corporation is a refining and marketing company, with a focus on advanced, clean traffic fuels and a strategy aimed at growing the company's oil refining operations and premium-quality biodiesel production. Neste Oil's 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.
Petteri Yli-Ilkka, Sales Director, Aviation, on +358 (0)10 4581590
Olli Pylkkänen, General Manager, Neste Latvija, on +371 7103356 or +371 26404446
Neste Oil Corporation
SVP, Corporate Communications
Compiler´s choice - More News Releases
Archive 2005. News Releases