Neste Oil signs agreement to sell its retail stations in Poland to Shell
Neste Oil and Shell have signed an agreement that Shell Polska SP. Z O.O. will buy Neste Oil's station network (Neste Polska SP. Z O.O.) in Poland. The agreement covers 105 sites, all of which are unmanned and located in major cities, as well as Neste Polska's 25 employees, who will transfer to Shell. Neste Polska had net sales of approx. EUR 250 million in 2011. The transaction is subject to the approval of the local competition authorities, and is expected to be closed during the first half of 2013.
The transaction is valued at approximately EUR 80 million, of which around EUR 50 million will be recorded as a capital gain by Neste Oil. The sale will also have a clear positive impact on Neste Oil's cash flow.
"Our aim is always to be among the top three in all our retail markets, and unfortunately we never succeeded in reaching this nationwide in Poland," says Sakari Toivola, Neste Oil's Executive Vice President, Oil Retail. "The financial performance of Neste Polska was also below our expectations. Together, these factors led to our decision to sell Neste Polska, and end our more than 20-year retail presence in Poland."
Neste Oil in brief
Oil Retail in brief
Neste Oil Corporation