Neste launches a strategic study on transitioning its Porvoo refinery to a renewable and circular site and ending crude oil refining in the mid-2030s
Neste has initiated a strategic study to transition its Porvoo refinery in Finland from crude oil refining to a leading renewable and circular solutions site. This transformation aims to significantly increase renewable production, with a long-term capacity potential of 2 to 4 million tonnes per year, starting with co-processing renewable feedstock. The plan includes a complete discontinuation of crude oil refining by the mid-2030s, aligning with Neste's climate commitments. The transition will necessitate significant investments over the next decade.
- Initiation of a strategic study for transitioning the Porvoo refinery to renewable and circular solutions.
- Long-term production capacity potential of 2 to 4 million tonnes per year.
- Alignment with Neste's climate commitments and growth strategy.
- The need for significant investments over the coming decade.
ESPOO, Finland, Sept. 19, 2022 /PRNewswire/ -- Building on its capability of proactive transformation, Neste launches a strategic study on transitioning its refinery in Porvoo, Finland to non-crude oil refining and into a globally leading renewable and circular solutions site.
Through co-processing and retrofitting of units, and benefiting from available refining assets, experience and know-how, Neste targets to significantly grow its renewables and circular production in Porvoo long term. The transformation under study would start with the co-processing of both renewable and circular feedstock and could continue with retrofits of existing units at a later stage, with a long-term capacity potential of 2 to 4 million tonnes per year. The targeted transformation would lead to a discontinuation of crude oil refining in Porvoo in the mid-2030s. Neste will also continue to actively study opportunities of green hydrogen at its Porvoo refinery. These developments would significantly contribute to the realization of Neste's climate commitments, and make Neste a global frontrunner in the transformation of the fossil fuel industry.
"Neste's growth strategy is centered on renewable and circular solutions. We continue to set our ambition level high, launching this study on the long-term transformation path for our Porvoo refinery and targeting to ultimately replace crude oil with alternative feedstocks. The Porvoo site provides a flexible and large-scale base that can grow into a major site for our renewables and circular business," says Matti Lehmus, President and CEO of Neste.
Transformation of such scale would create the need for significant investments over the coming decade. Separate investment decisions would be taken as the planning proceeds. As the time span of the plan is more than a decade, it would be built on modularity and flexibility and could be adjusted to reflect variations in the pace of change in both the renewable and circular businesses as well as in traditional refining. Independently of the planned transition, Neste will continue to provide access to fossil fuel products for its customers.
Neste Corporation
Susanna Sieppi
Vice President, Communications
Further information: Please contact Neste's media service, tel. +358 800 94025 / media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET).
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://news.cision.com/neste/i/neste---porvoo-site,c3090531 | Neste - Porvoo site |
View original content:SOURCE Neste
FAQ
What is the purpose of Neste's study on the Porvoo refinery?
What capacity is targeted for Neste's Porvoo refinery after the transformation?
When is Neste planning to discontinue crude oil refining in Porvoo?
How will Neste's transition impact its climate commitments?
What investments are needed for the Porvoo refinery transformation?
