Neste has agreed to sell its API Group III business to Chevron, the companies announced Monday, a deal that expands Chevron’s presence in the growing Group III market.
The transaction appears driven partly by Neste’s shift away from petroleum products and signals the deconstruction of what was once one of the world’s largest Group III suppliers.
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The companies did not disclose the price for the sale, which transfers the Nexbase base oil brand to Chevron, along with associated qualifications and approvals. Chevron also gets the business that is selling and marketing those base oils.