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White & Case Advises Neste on Sale of Base Oils Business to Chevron

Global law firm White & Case LLP has advised Neste on the sale of its base oils business to Chevron Corporation.

"This was an outstanding cross-border effort, which showcased both the Firm's global M&A strengths and its strategic focus on the green energy transition," said White & Case partner Tom Matthews, who led the Firm's deal team.

The transactions cover a combination of share and asset deals forming Neste's entire global base oils business. As part of the divestment, the parties have also agreed on a long-term offtake for Neste's base oils supply from Porvoo, Finland. With the same date, Neste has signed an agreement to exit its base oils joint venture with Bahrain Petroleum Company and Nogaholding.

Neste creates solutions for combating climate change and accelerating a shift to a circular economy. It refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. It is the world's leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge.

The White & Case team that advised on the transaction was led by partner Tom Matthews and included partners Janko Lindros (Helsinki), David Baker, Lindsey Canning, Will Smith and Helen Joseph (all London) Mark Powell (Brussels), counsel Willem van der Wiele (Brussels) and associates Mark Richardson, Johanna Wagner, Kal Leung, Heidi Blomqvist, Henry Brendon, Alex Miles-Dinham and Francesca MacSwiney (all London), Samuel Salmivirta (Helsinki), and Nick Hallemeesch, Philippe Hendrickx, Marika Harjula and Martina Castren (all Brussels).

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