Neste starts gradual green revamp of Finnish oil refinery

Finnish refiner and renewable fuels producer Neste Oyj (HEL:NESTE) embarks on a transformation of its crude oil refinery in Porvoo into a renewable and circular solutions hub, the company announced today.

The decision follows the completion of a strategic study on the refinery’s green revamp that was initiated more than a year ago.

The transformation will be carried out in phases. It is expected to be completed in the mid-2030s and to require an overall investment of EUR 2.5 billion (USD 2.7bn).

After the transformation, the site is expected to produce about 3 million tonnes of renewable and circular products, such as renewable diesel, sustainable aviation fuel (SAF), as well as renewable and circular feedstock for the polymers and chemicals industry.

“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 finalised,” president and chief executive Matti Lehmus said, noting that the COP28 declaration has delivered a strong signal.

(EUR 1 = USD 1.096)

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