Neste’s Porvoo refinery sets course to become a renewables and circular solutions refining hub

Following the completion of a study launched in September 2022, Neste will now start the process of transforming its crude oil refinery in Porvoo, Finland into a leading renewable and circular solutions refining hub.
The process will be effected in phases over the coming decade, and be accompanied by multiple separate investment decisions. In total, the transformation roadmap will required an estimated investment of €2.5 billion. The transformation is expected to be accomplished  by the mid 2030s. Neste refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. The long-term capacity potential after the transformation will be about 3 million tonnes of renewable and circular products, including renewable diesel, sustainable aviation fuel and both renewable and circular feedstock for the polymers and chemicals industry.
“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,” said Matti Lehmus, the President and CEO of Neste. 
“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.”
According to Markku Korvenranta, executive vice president of the Oil Products business unit,  the demand for fossil fuels is declining in the company’s traditional markets due to the growing share of renewable fuels and electrification. Neste’s proactive stance in the form of a transformation roadmap for the Porvoo refinery will serve to create a sustainable future for the site, he added.
The planned Porvoo transformation will contribute to the realisation 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. 
Neste's ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040.