Neste to convert refinery for renewables

Neste has completed a strategic study it launched in September 2022 and is now beginning a gradual transformation of its crude oil refinery in Porvoo, Finland, into a “renewable and circular solutions refining hub”. This will take place in phases and is expected to be complete in the mid-2030s at a cost of around €2.5 billion.

Depending on the exact investment decisions made, the company expects the long-term capacity potential of the hub to be about 3 million tonnes/year of renewable and circular products. These will include renewable diesel, sustainable aviation fuel and both renewable and circular feedstock for polymers and chemicals.

“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,” said Matti Lehmus, president and CEO of Neste.

The company aims to make Porvoo the most sustainable refinery in Europe by 2030. More generally, Neste seeks to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040.