By OGJ editors
HOUSTON, Nov. 23 -- Neste Oil Corp. of Finland has sold its 50% stake in Russian oil producer Severtek to OAO Lukoil for $321.5 million.
The transaction, which closed Nov. 23, makes Lukoil sole owner of Severtek, which produces 30,000 b/d in the Timan-Pechora area. The company had proved and probable reserves of 213 million bbl of oil at the beginning of 2005, according to independent consultants Ryder Scott.
Severtek was Neste Oil's sole oil production unit over the last few years, but none of its oil supplied Neste Oil refineries.
Neste Oil said it wants to focus on its core oil refining and marketing businesses and will use proceeds from the sale to finance refining operations and expand areas such as biofuels production capacity.
