Neste Corporation announced that it had signed an agreement to sell its existing base oils business to Chevron Global Energy, 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 JV with Bahrain Petroleum Company and Nogaholding.

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