Finnish Neste plans to completely stop oil refining

HELSINKI, 19 Sep – PRIME. Finnish Neste, the world’s leading producer of renewable diesel and cleaner aviation fuel, is launching a study to convert its only refinery in Finland to renewable energy, the company said in a press release on Monday.

The goal is a complete cessation of crude oil refining by the mid-2030s.

“Neste plans to significantly increase Porvoo’s renewable and circular production in the long term. The transformation under study will start with the co-processing of both renewable and conventional feedstocks, and could be continued by retrofitting existing plants at a later stage with a long-term capacity potential of 2 to 4 million tons per year. The transformation will lead to the cessation of crude oil processing in Porvoo in the mid-2030s.

Neste currently has a global renewable production capacity of 3.3 million tons per year at several sites: its own factories in Singapore, Rotterdam and Porvoo, Finland, as well as a joint venture with Marathon in Martinez, California. The production capacity of renewable products is expected to increase to 5.5 million tons by the end of 2023 and to 6.8 million tons by the end of 2026.

Neste is the world’s leading producer of renewable diesel and sustainable aviation fuels, biofuels and bioplastics, refining and retailing fuel through its own filling station network in the Baltic States and Finland. In 2021, Neste generated revenue of €15.1 billion, with 94% of the company’s comparable operating income coming from renewable energy products. The largest owner of the company (46.49%) is the government of Finland. The shares are traded on the Nasdaq.