Neste to convert oil refinery in Finland to renewables
SOURCE: Neste Corp.
December 20, 2023
BY Neste Corp.
Neste has completed the strategic study launched in September 2022, and begins a gradual transformation of its crude oil refinery in Porvoo, Finland into a leading renewable and circular solutions refining hub. The planned transformation will proceed in phases, and requires multiple separate investment decisions during the next decade before targeted completion 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 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, the President and CEO of Neste.
“The demand for fossil fuels is declining in our traditional markets due to the growing share of renewable fuels and electrification. I am excited to start this transformation roadmap of the Porvoo refinery to proactively create a sustainable future for the site. This transformation will be made possible by our decades long refining experience, specific expertise in processing challenging raw materials, and our highly skilled employees,” says Markku Korvenranta, executive vice president in Oil Products business unit.
Advertisement
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.
Advertisement
Related Stories
Rep. Max Miller, R-Ohio, on Feb. 27 reintroduced the Farm to Fly Act, a bill that aims to accelerate the production and development of sustainable aviation fuel (SAF). Companion legislation was reintroduced in the Senate during January.
Across Iowa, many once-bustling biodiesel plants now sit idle or operate at minimal capacity, casualties of volatile market conditions and federal policy uncertainty, according to the Iowa Biodiesel Board.
The General Court of the European Union on Feb. 27 dismissed a challenge against the ReFuelEU Aviation regulations brought by European biofuel producers last year regarding regulation’s exclusion of crop-based fuels.
The Sustainable Aviation Fuel Coalition met with key lawmakers on Capitol Hill on Feb. 26 to discuss critical policies supporting the domestic growth and adoption of sustainable aviation fuel (SAF) in the U.S.
A planned sustainable aviation fuels (SAF) production facility being developed by SkyNRG Americas in Walla Walla, Washington, has been awarded a new $1.5 million grant from the Washington State Department of Commerce.
Upcoming Events
