Gazpromneft-Nefteservice has completed the sale of transportation company SpetsTransService (STS). The buyer was Service Logistics Company. The deal has been approved by the Federal Antimonopoly Service of the Russian Federation.
Under the terms of the sale and purchase agreement, STS will retain long-term contracts with Gazprom Neft group’s enterprises, with guaranteed work volumes until the end of 2013. The agreement also provides that the new owner must continue to abide by the terms of the collective bargaining agreement adopted at SpetsTransService.
The decision to spin off the oil service unit from Gazprom Neft’s structure was taken by the company’s Board of Directors in March 2010 after approving the relevant plan. Gazprom Neft plans to complete the process of exiting the oil service business by the end of 2011.
SpetsTransService LLC provides a wide range of transportation services to oil companies in the Yamalo-Nenets and Khanty-Mansiysk Autonomous Areas. The list of services offered by the company includes transportation using oilfield and special utility vehicles, as well as cargo shipping. STS' transport fleet includes 604 items of equipment. The company employs around 1,000 people. STS posted revenue of $42.8 million in 2010.