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Chevron Phillips to acquire a polyalphaolefin plant in Belgium

September 16/2011

(ICIS) -- US oil firm Chevron Phillips Chemical said on Friday it has agreed to acquire a polyalphaolefin (PAO) plant in Belgium from Finlands Neste Oil for an undisclosed amount, to expand the companys presence in Europe. The purchase is expected to be completed within a few months, following regulatory approvals and satisfaction of necessary closing conditions, Chevron Phillips said in a statement.

The addition of this plant to our existing asset base will more than double our production capability, allowing us to better serve the growing demand for PAOs used in high-performance lubricants and other applications, said Dennis Holtermann, general manager of normal alpha olefins and polyalphaolefins at Chevron Phillips Chemical.

In a separate statement, Neste Oil said the Beringen plant produces polyalphaolefins (PAO) and Group IV base oils, which are the main components used in high-performance synthetic lubricants and premium motor oils.

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