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 Oil's stake was acquired by Olco Petroleum Group Inc., a Canadian petroleum product supplier and marketer. Following the transaction Olco became CanTerm's sole owner. At the same time Olco also purchased Neste Oil's 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 Oil's strategy of focusing business on two growth areas, which are oil refining and premium-quality biodiesel.
Neste Oil Corporation
Senior Vice President, Communications
For further information, please contact:
Petri Pentti, CFO, on +358 (0)10 458 4490
Jarmo Honkamaa, EVP, Oil Refining, on +358 (0)10 458 4758
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.