We advised Neste on the divestment of its fuel retail business in Russia to PJSC Tatneft.
The business, which consists of 75 fuel stations and a terminal in the St. Petersburg region, will continue to operate under the Neste brand under a brand licensing arrangement for up to five years post-completion. The transaction, which is conditional on standard regulatory clearances, is expected to close in Q4 2019.
Neste (NESTE, Nasdaq Helsinki) is the world’s largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. 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. Macfarlanes provided English law advice to Neste.