Neste Oil to sell Polish petrol stations to Shell

Finland’s Neste Oil plans to sell its petrol stations in Poland to Royal Dutch Shell for around €80 million (US$105.2 million), after disappointing sales in the country.
“Our aim is always to be among the top three in all our retail markets, and unfortunately we never succeeded in reaching this nationwide in Poland,” Neste Oil Retail Executive Sakari Toivola said in a statement. Neste Oil has around 100 unmanned petrol stations in Poland.
The company said the deal, which is expected to close in the first half of 2013, will have a positive impact on its cash flow. It also plans to book around €50 million (US$65.8 million) in capital gains from the sale.