Neste Oil Corporation Press Release 1 December 2011 at 8.00 am (EET)
The competition authorities have approved the sale of Neste Oil's polyalphaolefin (PAO) production facilities, quality control laboratory, and associated maintenance services at Beringen in Belgium to Chevron Phillips Chemical International NV, a wholly owned subsidiary of the American petrochemical company, Chevron Phillips Chemical Company LLC.
Following the divestment, Neste Oil will concentrate on developing its high-quality base oil business in growth markets where Neste Oil has a clear competitive edge. Neste Oil's goal is to become a leading supplier on the global market for Very High Viscosity Index (VHVI) base oil, which it markets and sells under the NEXBASE® brand. During 2011, Neste Oil's NEXBASE® capacity has increased from 250,000 t/a to 650,000 t/a.
Neste Oil first announced the divestment of its PAO production plant on 16 September 2011.
Neste Oil Corporation Hanna Maula Director, Corporate Communications Further information: Risto Karppinen, Vice President, Base Oils, tel. +41 79 718 4297
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. The company had net sales of EUR 11.9 billion in 2010 and employs around 5,000 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.
Neste Oil has been selected into the Dow Jones Sustainability World Index and is also featured in the Ethibel Excellence investment register. The company is included in The Global 100 list of the world's most sustainable corporations. Forest Footprint Disclosure (FFD) has ranked Neste Oil as the best performer in the oil & gas sector. Further information: www.nesteoil.com.