Keyera acquires Canadian iso-octane plant from Neste Oil, ChevronTexaco

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01.20.2012 |

Competition authorities in the US and Canada have approved the sale of Neste Oil's 50% holding in an iso-octane production plant in Edmonton, Canada, to Canadian-based Keyera. The announcement was first made on December 8, 2011.

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Competition authorities in the US and Canada have approved the sale of Neste Oil's 50% holding in an iso-octane production plant in Edmonton, Canada, to Canadian-based Keyera, the companies said on Friday.

The plant has a total nameplate capacity of 520,000 tpy and employs 100 people. It was valued at $99 million, according to Neste Oil.

Iso-octane is a gasoline component produced at Edmonton plant from butane. It is used in the production of low-emission, high-octane gasoline.

Following the transaction, Neste Oil has completed the divestment program covering its oil products and renewables segment aimed at focusing the business on core activities, the company said.

Neste Oil first announced the divestment of its holding in the iso-octane plant on December 8, 2011.

Keyera also recently acquired the remaining 50% stake in the plant from ChevronTexaco.

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Comments:

Ben
01.25.2012

Updated the article with that info - thanks for letting us know.

Kari Ollikainen
01.25.2012

Chevron Texaco also sold their stake of Edmonton Iso-octane plant to Keyera at the same time. Keyera has announced closing of the deal on Jan 19, 2012.