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04-08-2015

Neste to improve the competitiveness of its refinery operations

Neste has decided to invest about EUR 60M in the Naantali production. The investments are connected to the program announced in October 2014 with which Neste will develop the refineries in Porvoo and Naantali as one unit to improve the competitiveness of its refinery operations.

With these investment decisions, Neste will simplify the refinery structure in Naantali and improve the process efficiency, which will lower the production costs and increase feedstock supply to Porvoo. Together with the investment program implemented in Porvoo, the share of heavy fuel oils in Neste's production will decline and the share of diesel will increase.

As announced in a stock exchange release in October 2014, the projects related to the changes will reduce an estimated 65 jobs in Naantali, of which a significant number has already materialized. The project of combining the operations of the two refineries has proceeded as planned, and the new operating model will be in full operation by mid-2017.

The Naantali unit plays an important part in the combined refinery operations. Naantali's production line will continue to produce diesel and special products, such as solvents and bitumen. Moreover, one important role of the unit is to produce feedstock, such as vacuum gas oil, for the production lines in Porvoo. The gasoline components produced in Naantali will be transported to Porvoo to be refined into end products. Naantali's terminal capacity will be utilized to distribute gasoline produced in Porvoo.

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