European renewable diesel supplier Neste Oil has
sold its majority-owned (93.85%) Estonian subsidiary, AS Reola
Gaas, to the Estonian-based Alexela Group.
The transaction was completed on Monday. The
parties said they agreed not to disclose the value of the
The divestment will have a minor positive impact on
Neste Oil's third-quarter results, the company said. The 25
people employed by AS Reola Gaas will transfer to Alexela as
part of the transaction.
AS Reola Gaas sells bottled, bulk, and automotive
gas to industrial and other customers.
The company has an LPG terminal in Tartu, where
bottled gas filling and maintenance operations take place
and where bulk and bottled gas deliveries are supplied