Neste, the Finnish oil refiner and biofuels producer, unveiled plans on Wednesday to invest approximately 2.5 billion euros ($2.74 billion) in converting its Porvoo crude oil refinery into a cutting-edge biofuels production facility. This strategic move aligns with the company's commitment to sustainable energy solutions and reinforces its position as a leader in the renewable fuels sector.
Neste's Chief Executive, Matti Lehmus, emphasized the long-term significance of the Porvoo refinery transformation within the company's renewables growth strategy. Lehmus stated, “The long term transformation of the Porvoo refinery is a key element in our renewables growth strategy.”
See also: Neste Takes Bold Steps towards Sustainability with 120 MW Green Hydrogen Project
The ambitious conversion project is projected to be completed by the mid-2030s, marking a significant shift towards renewable and circular products. Neste anticipates a long-term capacity potential of 3 million tons, contributing to the company's goal of providing greener alternatives for fuels in response to the increasing demand for environmentally friendly options.
Neste's notable growth in recent years can be attributed to its early investments in renewable fuels derived from waste and residue. This strategic foresight has positioned the company favorably as industries and transport operators worldwide actively seek sustainable alternatives to reduce emissions.
