OREANDA-NEWS. July 25, 2011. Gazprom Neft Oil Field Service has completed the sale of Service Transportation Company (STC). The buyer of the asset was RU-Energy Group. The deal was approved by the Federal Antimonopoly Service of Russia.

According to the conditions of the deal, the Service Transportation Company will keep its long-term contracts with Gazprom Neft enterprises with guaranteed volumes of work until the end of 2013 and the possibility of a further two year extension.The agreement also provides for the retention of obligations, by which the new owner must comply with the conditions of the collective agreement negotiated by STC.

“The sale of STC is the next step in the implementation of the company’s exit strategy from the oil field service business”, announced Gazprom Neft Chairman of the Executive Board Alexander Dyukov. “At this time, we are in the process of negotiating the sale of our remaining enterprises in the oilfield service division, and we intend to complete this process by the end of the year.”

The decision to withdraw from the oilfield service business was taken by the Board of Directors in March 2010.Todate,thecompanyhasfinalisedthesalesofthe following transport enterprises: Muravlenko Transportation Company and SpetsTransServis,as well as the secondary production enterprise Noyabrsk Central Pipe Base."