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Neste Corporation, Press Release, December 20, 2023 at Nine A. M. m. (EET)
ESPOO, Finland, Dec. 20, 2023 /PRNewswire/ — Neste finalized the strategy introduced in September 2022 and is initiating the slow transformation of its crude oil refinery in Porvoo, Finland, into a leading refining hub for renewable and circular solutions. The planned transformation will be done in stages and will require several separate investment decisions over the next decade before its expected final touch in the mid-2030s.
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 COP28 declaration is a strong signal to all of us, and we must be at the forefront of accelerating the green transition with our renewable and circular solutions. The long-term transformation of the Porvoo refinery is a key component of our renewable energy. energy expansion strategy, completing Neste’s journey towards a 100% renewable and circular solutions provider upon completion. This will enhance our position to meet the long-term desires of our customers,” says Matti Lehmus, President and CEO of Neste.
“Demand for fossil fuels is declining in our classic markets due to the percentage of renewable fuels being developed and electrification. I am excited to publish this transformation roadmap for the Porvoo refinery to proactively create a long-term sustainability for the site. “This is an ideal solution for our decades of refining experience, our express expertise in the processing of difficult raw tissues and our highly professional employees,” says Markku Korvenranta, Executive Vice President of the Petroleum 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 SieppiVice President, CommunicationsNeste Corporationmedia@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
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SOURCE: Neste