MRC) -- Neste Corporation announced that it had signed an agreement to sell its existing base oils business to Chevron Global Energy, a wholly owned subsidiary of Chevron Corporation, said Hydrocarbonprocessing.
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. With the same date, Neste signed an agreement to exit its base oils JV with Bahrain Petroleum Company and Nogaholding.
The transaction has been approved by regulatory authorities, and has been completed on April 1, 2022.
As per MRC, Neste has replaced most of its Russian crude oil purchases with other crudes such as North Sea oil due to the crisis in Ukraine. Previously the Finnish refiner purchased from Russia some two-thirds of the crude oil it uses.
As MRC wrote before, Neste has successfully concluded its first series of trial runs processing liquefied waste plastic at its Porvoo refinery in Finland. After kicking the series off with its first-ever industrial scale trial run with liquefied waste plastic in 2020, Neste has conducted additional runs in 2021. In the course of the trial runs, Neste has been able to upgrade liquefied waste plastic to drop-in solutions for plastic production and develop industrial scale capabilities to upgrade recycled feedstocks. Trials pave the way for continuous and commercial activities. Neste has set itself the goal of processing more than 1 MM tons of plastic waste per year from 2030 onwards.
Neste (Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. The company is the world’s leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. In 2020, Neste's revenue stood at EUR11.8 billion, with 94% of the company’s comparable operating profit coming from renewable products.
mrchub.com