Competition authorities have approved the sale of Finland Neste Oil's polyalphaolefin (PAO) production facilities, quality control laboratory, and associated maintenance services at Beringen in Belgium to Chevron Phillips Chemical International NV, a wholly owned subsidiary of the American petrochemical company, Chevron Phillips Chemical Company LLC.
Following the divestment, Neste Oil will concentrate on developing its high- quality base oil business in growth markets where Neste Oil has a clear competitive edge. Neste Oil's goal is to become a leading supplier on the global market for Very High Viscosity Index (VHVI) base oil, which it markets and sells under the NEXBASE® brand. During 2011, Neste Oil's NEXBASE® capacity has increased from 250,000 tpa to 650,000 tpa. Neste Oil first announced the divestment of its PAO production plant on 16 September 2011.