Neste Corporation, Press Release, 20 December 2023 at 9 a.m. (EET)
Neste has completed the strategic study launched in September 2022, and begins a gradual transformation of its crude oil refinery in Porvoo, Finland into a leading renewable and circular solutions refining hub. The planned transformation will proceed in phases, and requires multiple separate investment decisions during the next decade before targeted completion in the mid 2030s.
The company expects the long-term capacity potential after the transformation to be about 3 million tons of renewable and circular products, such as renewable diesel, sustainable aviation fuel and both renewable and circular feedstock for the polymers and chemicals industry. The total investment estimate for the transformation roadmap is approximately 2.5 BEUR.
“The COP28 declaration is a strong signal to all of us, and we want to be in the forefront of accelerating the green transition with our renewable and circular solutions. The long term transformation of the Porvoo refinery is a key element in our renewables growth strategy, completing Neste’s journey to a 100% renewable and circular solutions provider when finalized. This will further strengthen our position in serving the future needs of our customers,” says Matti Lehmus, the President and CEO of Neste.
“The demand for fossil fuels is declining in our traditional markets due to the growing share of renewable fuels and electrification. I am excited to start this transformation roadmap of the Porvoo refinery to proactively create a sustainable future for the site. This transformation will be made possible by our decades long refining experience, specific expertise in processing challenging raw materials, and our highly skilled employees,” says Markku Korvenranta, Executive Vice President in Oil Products business unit.
The planned Porvoo transformation will contribute to the realization of Neste’s climate commitments. The final timeline for transitioning from crude oil to renewable and circular raw materials will be determined later in line with the actual fuel market demand, legislation development and transformation progress.
Vice President, Communications
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Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials.
As the world’s leading producer of sustainable aviation fuel and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, Neste helps its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030.
The company’s ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2022, Neste's revenue stood at EUR 25.7 billion. Read more: neste.com