Neste has recently completed a strategic study and is embarking on a gradual transformation of its crude oil refinery in Porvoo, Finland. The aim is to turn it into a leading renewable and circular solutions refining hub. This transformation will be carried out in phases, with multiple investment decisions to be made over the next decade. The target is to complete the transformation by the mid-2030s.
Once the transformation is complete, the refinery is expected to have a long-term capacity potential of approximately 3 million tonnes of renewable and circular products. These products will include renewable diesel, sustainable aviation fuel, and renewable and circular feedstock for the polymers and chemicals industry. The estimated investment for this transformation roadmap is around 2.5 billion euros.
Neste’s President and CEO, Matti Lehmus, emphasises the company’s commitment to being at the forefront of the green transition. The transformation of the Porvoo refinery is a key element in Neste’s renewables growth strategy, and when finalized, it will make Neste a 100 percent renewable and circular solutions provider. This move will further strengthen Neste’s position in meeting the future needs of its customers.
Markku Korvenranta, Executive Vice President in the Oil Products business unit, highlights the declining demand for fossil fuels in traditional markets. This is due to the increasing use of renewable fuels and electrification. He expresses excitement about starting the transformation roadmap for the Porvoo refinery, which will proactively create a sustainable future for the site. Neste’s decades-long refining experience, expertise in processing challenging raw materials, and highly skilled employees will make this transformation possible.
The planned transformation of the Porvoo refinery aligns with Neste’s climate commitments. The final timeline for transitioning from crude oil to renewable and circular raw materials will be determined later, taking into account fuel market demand, legislation development, and the progress of the transformation.
For more information visit www.neste.com
