Neste sells stake in Ibn Zahr
Neste Oil Corp. has completed the sale of its 10% stake in the Saudi-European petrochemical company Ibn Zahr to SAUDI BASIC INDUSTRIES CORP. (SABIC) for US$120 million. Following the transaction, SABIC will own 80% of Ibn Zahr shares while the remaining shareholders, Apicorp and Ecofuel SpA, will own 10% each. Ibn Zahr, which produces the gasoline component, methyl tertiary butyl ether (MTBE), and polypropylene, is located in Jubail on the eastern coast of Saudi Arabia. “Ibn Zahr’s strategy has moved the company more and more towards petrochemicals, whereas Neste Oil’s strategy is to concentrate on producing and marketing high-quality fuels for cleaner traffic.
