Neste Oil sells its Sines plant in Portugal
7/6/2010 12:00:00 AM
Neste Oil Portugal S.A.,has sold its ethyl tert-butyl ether (ETBE) in Sines, Portugal, to Repsol Polimeros LDA. The acquisition price was not disclosed.
The Sines plant has a capacity of 50,000 tpy. It produces ETBE, a bioethanol-based gasoline component designed to enhance combustion and reduce tailpipe emissions. Neste Oil started MTBE production in Sines in 1992 and the plant was converted to producing ETBE at the beginning of 2005.
"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, a Neste Oil executive vice president.
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