OREANDA-NEWS. The Finnish company Neste has agreed to sell its retail fuel business to Tatneft, the company said in a statement. In Russia, Neste owned 75 petrol stations and a terminal in St. Petersburg. Completion of the sale must be approved by Russian anti-monopoly authorities. Companies expect this to happen by the end of 2019.

In accordance with a separate agreement between the companies after the sale and purchase, the retail and distribution network will continue to operate under the Neste brand for up to 5 years. The cost of the transaction the parties don't disclose. Neste President and Chief Executive Officer Peter Vanaker, quoted by Tatneft, explained the decision to sell the business with a desire to focus on the company's strategic goals, namely, plans to become "a world leader in renewable energy solutions and a closed-cycle economy".

Neste also noted that they intend to focus on developing their own business in Finland and in the Baltic countries, where the company has more than 1,000 gas stations and has plans to supply renewable diesel fuel from its own refineries. The network of petrol stations "Tatneft" is among the five largest Russian networks with more than 600 own gas stations.

Neste is committed to becoming a global leader in renewable energy solutions and a closed-cycle economy. Selling the Russian retail fuel business will allow us to focus on our strategic priorities”, said Neste President and CEO Peter Wanaker. Over the past years, our activities in St. Petersburg and neighboring regions have grown into a successful business consisting of about 1,000 employees, who are known for their first-class customer service and commitment to high standards in the field of occupational safety, safety and environmental protection.