The Ibn Zahr transaction between Neste Oil and SABIC has been closed

Neste Oil Corporation         Stock Exchange Release          03 July 2006 at 14:20 EET

 

Neste Oil and Saudi Basic Industries Corporation (SABIC) announced in March this year that Neste Oil will divest its 10% stake in the Saudi European Petrochemical Company Ibn Zahr to SABIC for USD 120 million.

 

Due to longer than expected local closing procedures the closing of this transaction was postponed to third quarter from the initially scheduled end-June. Now the transaction has been completed.

 

Neste Oil will book a capital gain on the sale of approximately EUR 85 million to its operating profit for the third quarter of 2006. The transaction was initially disclosed on 26 March 2006.

 

 

Neste Oil Corporation

Osmo Kammonen

Senior Vice President, Communications

 

 

Neste Oil Corporation is an independent Northern European oil refining and marketing company, with a focus on advanced, clean traffic fuels. Neste Oil's refineries are located in Porvoo and Naantali, Finland, and have a total refining capacity of approx. 250,000 bbl/d. The company employs around 4,500 people. Neste Oil is listed on the Helsinki Stock Exchange (symbol: NES1V). For further information, see www.nesteoil.com.