Tatneft became the owner of the Nokian business

AK&M 27 March 2023 11:30

On March 24, Tatneft became the owner of 100% of Nokia Tyers LLC, as well as 100% of Hakka Invest LLC. This is evidenced by the data of the Unified State Register of Legal Entities.

Recall that Tatneft in the IV quarter of 2022 concluded an agreement on the acquisition of 100% shares in the authorized capital of LLC "Nokia Tyers", LLC "Nokia Tire", LLC "Hakka Invest". 

Tatneft has agreed to purchase the Russian business of Nokian Tyres. The deal includes a plant in the city of Vsevolozhsk, Leningrad region. Later, the Government Commission of the Russian Federation for Monitoring Foreign Investments approved the acquisition of Russian assets of Nokian Tyres plc by Tatneft.

Nokian Tyres is a Finnish tire manufacturing company. The company's headquarters are located in Nokia (Finland).

Nokian Tyres has been operating in Russia since 2005. In the second quarter of 2022, the company announced the termination of work in the Russian market. As a result of the exit from the Russian market, the value of the company's impaired assets amounted to 280.7 million euros.

PJSC Tatneft is one of the largest Russian vertically integrated oil companies, which dynamically develops oil and gas production, oil refining, petrochemistry, tire complex, gas station network, electric power industry, development and production of equipment for the oil and gas industry and a block of service structures. The total number of shareholders of the company as of May 29, 2022 exceeds 375 thousand .

Tatneft's profit for 2022 under IFRS increased by 43% to 284.9 billion rubles from 198.88 billion rubles a year earlier. Operating profit increased by 61.8% to RUB 400.39 billion from RUB 247.35 billion. Sales revenue (excluding financial services) increased by 18% to RUB 1.45 trillion from RUB 1.2 trillion.