Neste Oil sells Portugal unit to Repsol Polimeros

30 June 2010 13:31  [Source: ICIS news]

LONDON (ICIS news)--Neste Oil has sold its Portuguese unit, Neste Oil Portugal, to Repsol Polimeros for an undisclosed sum, the Finnish biofuel company said on Wednesday.

The divestment would have a minor positive impact on Neste Oil's second-quarter earnings, the company said.

Neste Oil Portugal owns a 50,000 tonne/year ethyl tertiary butyl ether (ETBE) plant in Sines. ETBE is a bioethanol-based gasoline component designed to enhance combustion and reduce tailpipe emissions.

"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, Neste Oil’s executive vice president, oil products.

Repsol Polimeros is owned by integrated global oil and gas company, Repsol YPF.

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By: Elaine Mills
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