Finnish biofuel producer and oil refiner Neste on Monday said it will sell its base oils business to U.S. group Chevron.
The agreement with Chevron will cover Neste’s Porvoo base oils production volumes, its premium brand NEXBASE, all formulation coverage associated with the brand as well as a global marketing and distribution platform, the Finnish company said without disclosing a price.
“The transaction will not have a material effect on Neste’s financial position,” the company said in a statement.
Base oils are used to make lubricants and similar products and are part of the output from oil refining operations.
As part of the deal, Neste will also exit a similar business in Bahrain.
Source: Reuters.com