Neste Oil divests Portuguese subsidiary, Sines petrochemical plant

Source: Neste Oil

Neste Oil has divested its Portuguese subsidiary Neste Oil Portugal S.A., owning an ETBE plant in Sines, to the Portuguese company Repsol Polimeros LDA. 

The Sines plant has an annual capacity of 50,000 tonnes. It produces ETBE (Ethyl Tert-Butyl Ether), which is a bioethanol-based gasoline component designed to enhance combustion and reduce tailpipe emissions. Neste Oil started MTBE production in Sines in 1992, and the plant was converted to producing ETBE at the beginning of 2005. 

"This divestment allows Neste Oil to focus on its strategic priorities. Repsol is in a natural position to develop the ETBE site as an integrated part of their Sines Petrochemical site," said Matti Lehmus, Executive Vice President, Oil Products, Neste Oil Corporation. 

While the acquisition price was not disclosed, the divestment will have a minor positive impact on Neste Oil's second quarter result.

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