Neste sells its Borealis stake to OMV, UAE's IPIC

Sep 15, 1997 02:00 AM

Finnish oil and energy group Neste has signed an agreement to sell its 50 % in petrochemicals group Borealis to Austrian OMV and IPIC of the United Arab Emirates for nearly 4 billion markka ($ 751.2 million).
Neste said the deal is due to be executed at the turn of next year and still depends on due diligence corporate study. Norwegian Statoil owns the other 50 % of Borealis.
Neste said it would book a loss of some 800 million markka, but the impact on net earnings would be about half of that since it would also break up some reserves.
Neste repeated that disposing of Borealis was part of its strategy would reduce fluctuations in earnings. "The capital freed in the transaction will significantly boost Neste's chances to develop its core businesses," it said. "In oil and energy, Neste is focusing on the Baltic region and North America, and it is developing certain selected chemical businesses globally," it said.

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