Neste to transform Finland refinery into renewables and circular solutions hub
Neste Oyj announced plans on December 20, 2023, to gradually transform its Porvoo oil refinery in Finland into a hub for renewable and circular solutions. The company estimates a total investment of approximately 2.5 billion euros to reach a production capacity of 3 million tons annually by the mid-2030s.
Porvoo, Finland – Neste Oyj is commencing a phased transformation of its Porvoo oil refinery, aiming to convert it into a center for renewable and circular solutions by the mid-2030s. The company expects the facility to eventually produce approximately 3 million tons of renewable fuels and circular feedstock annually.
The transformation project, estimated to cost around 2.5 billion euros, will proceed through multiple independent investment decisions over the next decade. Products will include renewable diesel, sustainable aviation fuel, and raw materials for the chemical and plastics industries. The company stated this move aligns with declining demand for fossil fuels in its traditional markets.
"The long-term transformation of the Porvoo refinery is a key element in our renewables growth strategy," said Matti Lehmus, Neste's President and CEO. He added that the company aims to be at the forefront of the green transition and complete its evolution into a provider of 100% renewable and circular solutions.
The timeline for transitioning entirely from crude oil to renewable and circular raw materials will be determined based on market demand, regulatory developments, and the progress of the transformation. Neste's ambition is to make the Porvoo refinery the most sustainable in Europe by 2030 and achieve carbon-neutral production by 2035.