Neste announces €2.5bn plan to convert crude oil refinery to renewables refining hub
Neste announced that it has completed the strategic study to transform its crude oil refinery in Porvoo, Finland into a renewable and circular solutions refining hub.
The facility will have production capacity of 3m tons of renewable products such as renewable diesel, sustainable aviation fuel and both renewable and circular feedstock for the polymers and chemicals industry.
The company said the transformation, which will be carried out in phases, will be done through an investment of €2.5bn via multiple separate investment decisions during the next decade before targeted completion in 2030.
“The COP28 declaration is a strong signal to all of us, and we want to be in the forefront of accelerating the green transition with our renewable and circular solutions. The long term transformation of the Porvoo refinery is a key element in our renewables growth strategy, completing Neste’s journey to a 100% renewable and circular solutions provider when finalized. This will further strengthen our position in serving the future needs of our customers,” says Matti Lehmus, CEO, Neste.
Neste has been significantly scaling up its SAF production and partnering with companies around the world to explore production potential. The green fuel producer was the SAF supplier to Emirates for its A380 test flight. In addition, the company also supplied SAF to Thai Airways for its maiden SAF test flight.
Recently, the company signed an agreement with Enoc to explore SAF supplies in Dubai and the wider MENA region.
The company posted revenue of €5.9bn in the third quarter of 2023 through sales of nearly 860,000 tons of renewable diesel and sustainable aviation fuel (SAF).