Neste’s crude oil refinery in Finland to be gradually transformed into a renewables and circular solutions refining hub

Neste has successfully concluded its strategic study initiated in September 2022, marking the beginning of a phased transformation of its crude oil refinery located in Porvoo, Finland. This initiative aims to establish the facility as a pioneering hub for renewable and circular solutions. Over the next decade, the transformation will unfold in distinct stages, involving multiple investment decisions, with a targeted completion timeframe in the mid-2030s.

Anticipating a long-term capacity potential of approximately 3 million tons for renewable and circular products, such as renewable diesel, sustainable aviation fuel, and feedstock for the polymers and chemicals industry, Neste envisions a comprehensive shift towards sustainable alternatives. The estimated investment required to execute this transformative roadmap is around 2.5 billion euros.

Matti Lehmus, the President and CEO of Neste, underscores the significance of this endeavour in alignment with the COP28 declaration, emphasizing the company's commitment to spearheading the green transition. He envisions the Porvoo refinery's long-term transformation as a pivotal element in Neste's overarching strategy to become a 100% renewable and circular solutions provider, further solidifying the company's position in meeting the evolving needs of its customers.

With the demand for fossil fuels waning in traditional markets due to the rise of renewable fuels and electrification, Markku Korvenranta, Executive Vice President in the Oil Products business unit, expresses enthusiasm for embarking on this transformative roadmap. He emphasizes Neste's capability to navigate this transition, drawing on decades of refining experience, specialized expertise in processing challenging raw materials, and the dedication of highly skilled employees.