On Monday, Finland’s biofuel producer and oil refiner Neste announced the sale of its base oil business to Chevron.
The agreement include 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.
Neste did not reveal a price for the deal, only stating that the transaction will not have a material effect on its financial position.
The company will also quit its base oil business in Bahrain.
