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Neste Transforms its Refinery into a Sustainable Solutions Hub

Neste begins the transformation of its Porvoo refinery into an innovative hub for renewable and circular solutions, marking a strategic turning point in the industry.

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Neste has finalized the strategic study launched in September 2022 to gradually transform its crude oil refinery in Porvoo, Finland, into a leading refining center for renewable and circular solutions. This transformation, planned in several phases, will require multiple investment decisions over the next decade, with completion targeted for mid-2030. Long-term post-processing capacity is estimated at around 3 million tonnes of renewable and circular products, such as renewable diesel, sustainable aviation fuel and renewable and circular raw materials for the polymer and chemical industries. Total investment in this transformation plan is estimated at around 2.5 billion euros.

Commitment to Green Transition

Matti Lehmus, President and CEO of Neste, emphasizes the importance of the COP28 declaration as a strong signal for the industry. The transformation of the Porvoo refinery is a key element in Neste’s renewable energy growth strategy, marking its transition to a 100% renewable and circular solutions provider. This initiative will strengthen Neste’s position to meet the future needs of its customers. Markku Korvenranta, Executive Vice President of the Petroleum Products Business Unit, expresses his enthusiasm for the project, pointing out that the transformation will be made possible by Neste’s long-standing refining experience, its specific expertise in processing difficult raw materials and its highly skilled employees.

Contributions to the Neste Climate Commitments

The planned transformation of Porvoo will contribute to the achievement of Neste’s climate commitments. The final timetable for the transition from crude oil to renewable and circular feedstocks will be determined at a later date, depending on actual fuel market demand, the development of legislation and progress in processing.
Neste’s transformation of the Porvoo refinery represents a significant step forward in the company’s commitment to sustainability and circularity. This ambitious project reflects a major evolution in the energy sector, underlining the importance of innovation and adaptability in the pursuit of a more sustainable future.

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