Gazprom Neft, the oil arm of Russian gas giant Gazprom, closed a deal Friday to sell Muravlenkovskaya Transport Company, one of its three transportation divisions, as it prepares to exit the oilfield services sector, Gazprom Neft said in a statement.
"This is the first step in Gazprom Neft's program to exit the oilfield services business, which we plan to conclude by the end of 2011," Gazprom Neft CEO Alexander Dyukov said, according to the statement.
"Removing oilfield service assets from the company will reduce Gazprom Neft group's costs, develop competition in the relevant markets and, consequently, improve the quality of oilfield services," Dyukov said.
The deal has been approved by Russia's Federal Antimonopoly Service, the statement said.
As part of the deal, Gazprom Neft agreed to maintain a guaranteed amount of business with Muravlenkovskaya Transport Company throughout 2011 and will consider a long-term contract through 2013 with the company.
Muravlenkovskaya Transport Company was founded in 2003 and provides transportation services to oil producers in the Yamal-Nenets autonomous region in West Siberia.
The company's revenue in 2010 was $44.8 million, the statement said.
