CPChem to Acquire Belgium PAO Plant from Neste Oil

Chevron Phillips Chemical (CPChem) says it plans to acquire a polyalphaolefin (PAO) plant located at Beringen, Belgium, from Neste Oil. The deal is expected to close in the next few months. The purchase price was not disclosed but Neste says the “divestment will have a minor positive impact” on results. The plant makes Group IV base oils, which are the main component used in high-performance synthetic lubricants and premium motor oils. Neste Oil started base oil production in Beringen in 1991.   “The acquisition represents a unique...

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