The commercial agreement is a clear signal that both partners have ambitions to not only cement their respective positions as players in the Group III base oils market, but to address an ever-changing industry by being flexible and agile in their relationship, ensuring both continue to thrive in any market situation.
Neste continues to hold a 45% share of the JV manufacturing plant, while Bapco and OGHC own a total of 55% shares. The JV agreements remain unchanged, and Bapco continues to be the sole operator of the plant located at the Bapco oil refinery in Bahrain.
