Under the deal, the company will acquire the polyalphaolefin production plant in Beringen, quality control laboratory, and the related maintenance services.
The plant produces polyalphaolefins, Group IV base oils, which are the main component used in high-performance synthetic lubricants and premium motor oils.
The transaction is subject to necessary closing conditions, including competition authority approval.
Neste Oil executive vice president of oil products and renewables Matti Lehmus said this divestment gives Neste Oil an opportunity to focus on the development of its base oils business in those market segments which are growing strongly and where the company has distinct competitive advantages.
