Neste to sell fueling retail business in St Petersburg to Tatneft

MOSCOW, Jul 5 (PRIME) -- Finnish company Neste has signed a deal to sell its fueling retail business in Russia, comprising 75 fuel filling stations and a terminal in St. Petersburg, to oil company Tatneft, Tatneft said in a statement on Friday.

The companies plan to close the deal until the end of 2019, and the fuel filling stations will operate under the Neste brand for up to five years after that. Other details of the deal were not disclosed.

“The acquisition of Neste's retail business in the North Western Russia, which is one of the highest priority regions for Tatneft, is a significant contribution to the achievement of our strategic goals, including marketing of approximately 50% of our own fuels domestically,” Tatneft said quoting CEO Nail Maganov.

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