Neste Oil Corporation
13 Dec 2012 at 3.00 pm (EET)
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 Corporation
Senior Vice President, Communications, Marketing and Public Affairs
Sakari Toivola, Executive Vice President, Oil Retail, tel. +358 10 458 4450
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. Neste Oil had net sales of EUR 15.4 billion in 2011 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki. www.nesteoil.com
Oil Retail in brief
Neste Oil's Oil Retail business area operates a network of 1,145 stations and acts as a key marketing channel for Neste Oil's premium-quality, low-emission products. Oil Retail's goal is to be the leader in its selected markets, and is a major marketer and supplier of petroleum products in Finland, Northwest Russia, Estonia, Latvia, Lithuania and Poland.