Finland, Bahrain to build base oil joint venture
Last Updated: June 17, 2008: 11:06 am
Finnish biggest refiner Neste Oil Corporation said in a statement on Monday that the company will make a joint venture with Bahrain's oil companies to build a lubricant base oil facility in Bahrain. The agreement had been reached among Finnish Neste company, Bahrain's Oil and Gas Holding Company (OGHC) and the Bahrain Petroleum Company (Bapco), said it.
The total investment was estimated to be between 250 and 300 million euros, of which Neste Oil's share will be 45 percent, said the statement.
The joint venture will have an annual capacity of 400,000 tons of very high viscosity index base oil when it begins production at the end of 2011.
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