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Fortum plan fails

November 18, 1999, 10:15 CET

Finland's Fortum and Statoil have decided to discontinue plans to transfer their service station and oil terminal operations in Russia, the Baltic states and Poland to a joint venture company.

Following six months of negotiations, both parties have concluded that insufficient preconditions and synergies have been achieved for a cooperation of this scope.

Instead, the two companies have decided to continue discussions with the aim of enhancing the joint operation of their logistical systems and oil terminals in the Baltic rim region.

Statoil intends to continue developing its position as a leading and trend-setting participant in the relevant markets. It will accordingly continue to extend its network of service stations in Poland, Lithuania, Latvia, Estonia and Russia.

The group currently has 97 stations in Poland, 33 in Estonia, 31 in Latvia, 28 in Lithuania and three in Russia's Murmansk area.