Neste Oil, a Finnish oil refining and marketing company, has closed the divestment of its 70% holding in Texas-based Eastex Crude Company, which was originally announced on 20 December 2006. The holding was acquired for USD 15.5 million by Eastex Crude Holding Company.
Eastex collects and sells crude oil from small local producers in Texas and Louisiana, USA, through a fleet of road tankers and terminals across the region.
Eastex has been treated as a subsidiary in Neste Oil's accounts. The company has had a minimal impact on Neste Oil's result, but has contributed significant revenues, accounting for EUR 1.8 billion of Neste Oil's total consolidated sales of EUR 12.7 billion in 2006.
Neste Oil Corporation
Senior Vice President, Communications
For more information, please contact:
Petri Pentti, CFO, on +358 10 458 4490
Jarmo Honkamaa, EVP, Oil Refining, on +358 10 458 4758
Neste Oil Corporation is a refining and marketing company specializing in advanced, clean traffic fuels, with a strategy that prioritizes growing its refining and premium-quality biodiesel businesses. Neste Oil's refineries are located in Porvoo and Naantali in Finland, and have a total refining capacity of approx. 250,000 bbl/d. The company employs around 4,700 people. Neste Oil is listed on the Helsinki Stock Exchange. For further information, see www.nesteoil.com.