In October 2021, Neste Corp. announced that it had signed an agreement to sell its existing base oils business to Chevron Global Energy Inc., a wholly-owned subsidiary of Chevron Corp. The transaction includes the NEXBASE™ brand, associated qualifications and approvals, and related sales and marketing business. As part of the divestment, the parties also agreed on a long-term offtake for Neste’s base oils supply from Porvoo, Finland. On the same date, Neste signed an agreement to exit its base oils joint venture (JV) with Bahrain Petroleum Co. and Nogaholding.
The transaction has been approved by regulatory authorities, and was completed on 1 April 2022.
Neste has also completed the exit of its base oils JV with Bahrain Petroleum Co. and Nogaholding.