HELSINKI: Finland's Neste has agreed to sell its 75 fuel stations and a terminal in the St. Petersburg region in Russia to PJSC Tatneft, the two companies said on Friday, without disclosing the value of the deal.The Finnish company, which is increasingly focusing on production of diesel and other fuels from renewable materials at its plants in Singapore and Rotterdam, runs over 1,000 gas stations in Finland and Baltic countries.
"Neste targets to become a global leader in renewable and circular solutions. The divestment of Russian fuel retail business will enable us to focus on our strategic priorities," says Neste's President and CEO Peter Vanacker.
The business to be transferred to Tatneft -- which so far operates over 600 gas stations -- employs around 1,000 people. The 75 stations can use Neste brand for up to 5 years.