Neste – crude oil refinery in Finland to be steadily remodeled right into a renewables and round options refining hub.
Neste has accomplished the strategic research launched in September 2022, and begins a gradual transformation of its crude oil refinery in Porvoo, Finland into a number one renewable and round options refining hub. The deliberate transformation will proceed in phases, and requires a number of separate funding selections throughout the subsequent decade earlier than focused completion within the mid 2030s.
The corporate expects the long-term capability potential after the transformation to be about 3 million tons of renewable and round merchandise, comparable to renewable diesel, sustainable aviation gasoline and each renewable and round feedstock for the polymers and chemical substances trade. The whole funding estimate for the transformation roadmap is roughly 2.5 BEUR.
Matti Lehmus, the President and CEO of Neste stated:
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The COP28 declaration is a powerful sign to all of us, and we wish to be within the forefront of accelerating the inexperienced transition with our renewable and round options.
“The long run transformation of the Porvoo refinery is a key ingredient in our renewables development technique, finishing Neste’s journey to a 100% renewable and round options supplier when finalized. It will additional strengthen our place in serving the longer term wants of our clients,”
Markku Korvenranta, Govt Vice President in Oil Merchandise enterprise unit stated:
The demand for fossil fuels is declining in our conventional markets as a result of rising share of renewable fuels and electrification.
“I’m excited to start out this transformation roadmap of the Porvoo refinery to proactively create a sustainable future for the location. This transformation will probably be made attainable by our a long time lengthy refining expertise, particular experience in processing difficult uncooked supplies, and our extremely expert staff,”
The deliberate Porvoo transformation will contribute to the conclusion of Neste’s local weather commitments. The ultimate timeline for transitioning from crude oil to renewable and round uncooked supplies will probably be decided later according to the precise gasoline market demand, laws improvement and transformation progress.
Neste’s crude oil refinery in Finland to be steadily remodeled right into a renewables and round options refining hub, ESPOO, Finland, December 20, 2023
