Finnish energy company and biofuel producer Neste stated on Monday that it planned to end crude oil refining in the middle of the 2030s.
“Neste targets to significantly grow its renewables and circular production in Porvoo long term. The transformation under study would start with the co-processing of both renewable and circular feedstock and could continue with retrofits of existing units at a later stage, with a long-term capacity potential of 2 to 4 million tonnes per year. The targeted transformation would lead to a discontinuation of crude oil refining in Porvoo in the mid-2030s,” the company’s statement read.
Currently, Neste has a global capacity for the production of 3.3 million tonnes renewable products per year at several sites, including its own plants in Singapore, Rotterdam and Finnish Porvoo, as well as at a joint venture with Marathon in Martinez, California. It is expected that the production capacity of renewable products will be increased to 5.5 million tonnes by the end of 2023 and to 6.8 million tonnes by the end of 2026.
Neste is the world’s leading producer of renewable diesel fuel and sustainable aviation fuel, a manufacturer of biofuels and bioplastics, engaged in oil refining and fuel retailing through its own network of gas stations in the Baltic States and Finland. In 2021, Nestle’s revenue amounted to 15.1 billion euros ($15.1 billion), with 94% of the company’s comparable operating profit coming from renewable energy products. The largest shareholder of the company with 46.49% of shares is the government of Finland.
