Neste's crude oil refinery in Finland to be gradually transformed into a renewables and circular solutions refining hub
- Neste Corporation has completed a strategic study for the transformation of its crude oil refinery in Porvoo, Finland into a leading renewable and circular solutions refining hub.
- None.
Neste Corporation, Press Release, 20 December 2023 at 9 a.m. (EET)
ESPOO,
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
"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.
Neste Corporation
Susanna Sieppi
Vice President, Communications
Neste Corporation
media@neste.com
+358 800 94025
The following files are available for download:
https://news.cision.com/neste/i/neste-porvoo-refinery-press-release,c3250750 | Neste Porvoo refinery press release |
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SOURCE Neste
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