Neste Oil to sell Belgium polyalphaolefin plant to Chevron Phillips Chemical
Chevron Phillips Chemical (CPChem) has agreed to acquire a polyalphaolefin (PAO) plant located in Beringen, Belgium, from Neste Oil.
“We are excited about this acquisition as it represents a unique opportunity for Chevron Phillips Chemical to significantly expand our presence in Europe,” said Dennis Holtermann, general manager of normal alpha olefins and polyalphaolefins for Chevron Phillips Chemical.
“The addition of this plant to our existing asset base will more than double our production capability allowing us to better serve the growing demand for PAOs used in high performance lubricants and other applications,” he added.
The purchase is expected to be completed within a few months following regulatory approvals and satisfaction of necessary closing conditions, the company said.
Financial terms were not disclosed.
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