Neste Oil to acquire 22 unmanned fuel stations in Lithuania
Neste Oil is to strengthen its position on the oil retail market in Lithuania by acquiring 22 unmanned fuel stations. Neste Oil currently has an 11% share of the local market, which will rise to nearly 15% following the acquisition. The deal will complement the company's existing network of 37 stations in Lithuania and confirm Neste Oil's position as the country's number-three oil retailer.
The transaction covers all of Estonian-based Alexela Oil AS' station business in Lithuania, and will require the approval of the Lithuanian competition authorities.
"Neste Oil's goal is to be among the top two players in all its selected retail markets, and this deal with Alexela Oil will bring us closer to this position in Lithuania," says Sakari Toivola, Neste Oil's Executive Vice President, Oil Retail.
"Our current priority is to concentrate on the local Estonian market, which has proven successful," says Heiti Hääl, the Chairman of Alexala Oil's Board of Directors. "We are very satisfied that we have found a reliable and well-respected company in the shape of Neste Oil to take over our Lithuanian business,"
About Neste Oil
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company is the world's leading supplier of renewable diesel. Neste Oil's refineries are located in Porvoo and Naantali and have a combined crude oil refining capacity of approx. 260,000 barrels a day. The company had net sales of EUR 9.6 billion in 2009 and employs around 5,100 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and has been awarded 'Best in Class' recognition for its social accountability by Storebrand. The company is also featured in the Ethibel Pioneer Investment Register and included in Innovest's 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. About Alexela Oil
About Alexa Oil
Alexela Oil is a fuel retail sale company founded in 1993 with Estonian capital. The company has the largest station network in Estonia, with approximately 60 outlets across the country.
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