Clean fuels firm Neste Oil divests Estonia gas unit
8/1/2011 12:00:00 AM
European renewable diesel supplier Neste Oil has sold its majority-owned (93.85%) Estonian subsidiary, AS Reola Gaas, to the Estonian-based Alexela Group.
The transaction was completed on Monday. The parties said they agreed not to disclose the value of the sale.
The divestment will have a minor positive impact on Neste Oil's third-quarter results, the company said. The 25 people employed by AS Reola Gaas will transfer to Alexela as part of the transaction.
AS Reola Gaas sells bottled, bulk, and automotive gas to industrial and other customers.
The company has an LPG terminal in Tartu, where bottled gas filling and maintenance operations take place and where bulk and bottled gas deliveries are supplied from.
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