Chevron Phillips Chemical has successfully completed the acquisition of a polyalphaolefin (PAO) plant located in Beringen, Belgium from Neste Oil.
By closing this transaction we have created a unique position for Chevron Phillips Chemical Company, said Dennis Holtermann, general manager of normal alpha olefins and polyalphaolefins for Chevron Phillips Chemical (CPChem).
The addition of this plant to our existing production capabilities enables us to better service the growing demand for PAOs that are used in high performance lubricants and other applications, he added.
The deal was first announced in September.
Chevron Phillips Chemical is the 50:50 joint venture of Chevron and ConocoPhillips.