PJSC Tatneft Acquisition of Neste's Russian Retail Business
November 01 2019 - 10:13AM
Dow Jones News
TIDMATAD
RNS Number : 0326S
PJSC Tatneft
01 November 2019
1 November 2019
Tatneft completed the acquisition of Neste's retail business in
Russia
The transaction on the acquisition of Neste's retail business in
Russia by Tatneft was closed
An agreement on the sale by Neste Corporation of its Russian
fuel retail business consisting of 75 fuel stations in North-West
Russia and a terminal in Saint Petersburg to PJSC Tatneft was
signed in July of 2019. The transaction was approved by the Russian
competition authorities on 4 October and closed on 31 October
2019.
Tatneft's retail network is one of the five largest in Russia
with more than 710 own petrol stations. The focus of Tatneft's
retail sales strategy is on the sale of high-grade fuels produced
at its own state-of-the-art TANECO refinery. One of the key
priorities upon the development and operation of Tatneft's retail
network is to minimize environmental impact.
Pursuant to a separate agreement between Tatneft and Neste
following the acquisition the acquired retail network will continue
to operate under the Neste brand for up to 5 years.
This press-release contains inside information.
Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for
transport, business, and consumer needs. Our wide range of
renewable products enable our customers to reduce climate
emissions. We are the world's largest producer of renewable diesel
refined from waste and residues, introducing renewable solutions
also to the aviation and plastics industries. We are also a
technologically advanced refiner of high-quality oil products. We
want to be a reliable partner with widely valued expertise,
research, and sustainable operations. In 2018, Neste's revenue
stood at EUR 14.9 billion. In 2019, Neste placed 3rd on the Global
100 list of the most sustainable companies in the world. Read more:
neste.com
Tatneft in brief
PJSC Tatneft (TATN, Moscow Exchange; ATAD, LSE) is one of the
largest vertically integrated oil companies in Russia with its core
operations located in Tatarstan, Russian Federation. In 2018
Tatneft Group produced 29.5 million tonnes (210.4 MMbbl) of crude
oil and 925.3 million cubic meters of gas. Tatneft operates the
most modern and one of the most complex refineries in Russia
TANECO. In 2018 Tatneft produced over 8.9 million tonnes of refined
products with the light product yield of around 84%. In 2019 with
the launch of the second initial processing unit CDU/VDU TANECO's
daily processing of crude oil is expected to reach 203 000 barrels,
and in the future, following the completion of additional deep
conversion units, approximately 293 000 barrels of crude oil per
day. Apart from crude oil and gas production and refining
activities, Tatneft is also involved in petrochemicals', mainly
tires, production and marketing, manufacturing of equipment for the
production, treatment and refining of oil and gas, as well as
engineering, procurement and construction services for oil, gas and
petrochemical projects, and from 2016 Bank ZENIT is part of Tatneft
Group. Tatneft's consolidated sales and other operating revenues on
non-banking activities net of export duties and excise taxes in
2018 were 910,534 million Rubles (US$ 14,520 million). Additional
information is available at www.tatneft.ru
Forward-looking statements:
This press-release contains certain statements about future
events and expectations that are forward-looking in nature, as well
as judgments and assumptions. Any statement in this press-release
that is not a statement of historical fact is a forward-looking
statement that involves known and unknown risks, uncertainties and
other factors which may cause actual results, performance or
achievements expressed or implied by such forward-looking
statements to differ or are judgmental and assumptive. PJSC Tatneft
and Neste Corporation assume no obligations to update the
forward-looking statements, judgments and assumptions contained
herein to reflect actual results, changes in assumptions or changes
in factors affecting these statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUGGBPGUPBGCG
(END) Dow Jones Newswires
November 01, 2019 10:58 ET (14:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Pjsc Tatneft (CE) (USOTC:OAOFY)
Historical Stock Chart
From May 2024 to Jun 2024
Pjsc Tatneft (CE) (USOTC:OAOFY)
Historical Stock Chart
From Jun 2023 to Jun 2024