California — Chevron Global Energy Inc, a wholly owned subsidiary of Chevron Corporation, today announced that it signed an agreement with Neste Oyj to acquire its NEXBASE™ brand, associated qualifications and approvals, and related sales and marketing business.
“We expect the addition of the NEXBASE™ brand and associated business to provide value to our customers through improved logistics, reduced complexity and optimized solutions,” said Alicia Logan, general manager of Chevron Base Oils. “This acquisition is poised to satisfy our customers’ growing needs to meet increasingly stringent lubricant standards driven by evolving vehicle specifications, and maintains the technology leading positions of our past base oil investments. Coupled with our investment in Novvi to bring renewable base oils to the market, this acquisition positions Chevron to be the supplier of choice to meet customers’ needs both today and into the future.”
The transaction is expected to close within four to six months, subject to customary antitrust regulatory approvals and other closing conditions.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower carbon future, we are focused on lowering the carbon intensity in our operations and growing our lower carbon businesses. More information about Chevron is available at www.chevron.com.