Neste has finalised its strategy study launched in September 2022 and is now starting the step-by-step transformation of its crude oil refinery in Porvoo into a leading refinery for renewable and circular solutions. The planned transformation is divided into different phases and will require several separate investment decisions over the next ten years until the targeted completion in the mid-2030s.
Investment totalling 2.5 billion euros
After the transformation, the company expects to produce around 3 million tonnes of renewable and circular solutions per year at this site in the long term, such as sustainable diesel and aviation fuel as well as renewable and recyclable raw materials for the polymer and chemical industries. The total investment for the planned transformation is around 2.5 billion euros.
After the transformation, the company expects to produce around 3 million tonnes of renewable and circular solutions per year at this site in the long term, such as sustainable diesel and aviation fuel as well as renewable and recyclable raw materials for the polymer and chemical industries. The total investment for the planned transformation is around 2.5 billion euros.
Neste wants to take on a pioneering role
With its renewable products and circular solutions, Neste wants to play a pioneering role and lead the way in accelerating the green transition. The long-term transformation of the Porvoo refinery is a key element of the growth strategy for renewable products and, once completed, will mark the end of Neste‘s journey towards becoming a pure supplier of renewable products and circular solutions.
Matti Lehmus, President and CEO of Neste.
Timing depends on the fuel market
The planned transformation of the Porvoo site will contribute to achieving Neste‘s climate commitments. The final timetable for the transition from crude oil to renewable and recyclable feedstock will be determined at a later stage according to actual demand in the fuel market, legislative developments and transformation progress.
Plastic waste processed doubled in 2023
As part of its efforts to expand chemical recycling, Neste has successfully completed another series of tests to process liquefied plastic waste at its refinery in Porvoo, Finland. The test runs carried out in the second half of 2023 doubled the total amount of liquefied plastic waste processed by Neste to more than 6000 tonnes. In the largest test run of the year, more than 2000 tonnes of liquefied plastic waste were processed for the first time. The product produced in the test runs is an ISCC Plus-certified, high-quality raw material for plastics production.
Quantities continue to rise
The current test runs utilise Neste‘s existing refinery facilities and pave the way for continuous, commercial processing. A new plant is currently being built at the Neste refinery in Porvoo to process 150,000 tonnes of liquefied plastic waste per year in the future. This first phase of the EU Innovation Fund-supported Pulse project is expected to be completed in the first half of 2025. Neste is investing 111 million euros in the project. Overall, Pulse is aiming for a total capacity of 400,000 tonnes of liquefied plastic waste per year.
