Neste completes divestment of its base oils business, including the NEXBASE brand, to Chevron; Neste will also exit its base oils joint venture with Bahrain Petroleum Company and Nogaholding

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April 6, 2022 (press release) –

In October 2021, Neste Corporation 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 Corporation. 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 joint venture with Bahrain Petroleum Company and Nogaholding.

The transaction has been approved by regulatory authorities, and has been completed on 1 April 2022.

Neste has also completed the exit of its base oils joint venture with Bahrain Petroleum Company and Nogaholding.

Neste Corporation

Susanna Sieppi
Vice President, Communications

More information: Please contact Neste's media service, tel. +358 800 94025, media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET).

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2021, Neste's revenue stood at EUR 15.1 billion. Read more: neste.com

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