Neste to Transform Porvoo Refinery into Renewables Hub
- The transformation will proceed in phases, requiring multiple investment decisions over the next decade.
- The long-term capacity potential is about 3 million tons of renewable and circular products.
- The total investment estimate for the transformation is approximately 2.5 BEUR.
- Completion is targeted for the mid-2030s.
Transformation Plan
Neste has completed a strategic study and will gradually transform its crude oil refinery in Porvoo, Finland into a hub for renewable and circular solutions. This transformation will occur in phases and will require multiple investment decisions over the next decade, with a targeted completion in the mid-2030s.
Capacity and Investment
Post-transformation, the refinery is expected to have a long-term capacity of approximately 3 million tons of renewable and circular products. These products will include renewable diesel, sustainable aviation fuel, and renewable and circular feedstock for the polymers and chemicals industry. The total investment for this transformation is estimated to be around 2.5 billion euros (BEUR).
Market and Demand
The shift is driven by declining demand for fossil fuels in traditional markets, influenced by the increasing share of renewable fuels and electrification. The final timeline for transitioning from crude oil to renewable and circular raw materials will be determined based on actual fuel market demand, legislative developments, and the progress of the transformation.
Expertise and Workforce
This transformation leverages Neste’s extensive refining experience, specific expertise in processing challenging raw materials, and the skills of its highly trained employees. The planned changes at the Porvoo refinery are also aligned with Neste’s climate commitments.