Neste launches a strategic study on transitioning its Porvoo refinery to a renewable and circular site
Building on its capability of proactive transformation, Neste launches a strategic study on transitioning its refinery in Porvoo, Finland to non-crude oil refining and into a globally leading renewable and circular solutions site.
Through co-processing and retrofitting of units, and benefiting from available refining assets, experience and know-how, Neste targets to significantly grow its renewables and circular production in Porvoo long term. The transformation under study would start with the co-processing of both renewable and circular feedstock and could continue with retrofits of existing units at a later stage, with a long-term capacity potential of 2 to 4 million tonnes per year. The targeted transformation would lead to a discontinuation of crude oil refining in Porvoo in the mid-2030s. Neste will also continue to actively study opportunities of green hydrogen at its Porvoo refinery. These developments would significantly contribute to the realization of Neste’s climate commitments, and make Neste a global frontrunner in the transformation of the fossil fuel industry.
“Neste’s growth strategy is centered on renewable and circular solutions. We continue to set our ambition level high, launching this study on the long-term transformation path for our Porvoo refinery and targeting to ultimately replace crude oil with alternative feedstocks. The Porvoo site provides a flexible and large-scale base that can grow into a major site for our renewables and circular business,” says Matti Lehmus, President and CEO of Neste.
Transformation of such scale would create the need for significant investments over the coming decade. Separate investment decisions would be taken as the planning proceeds. As the time span of the plan is more than a decade, it would be built on modularity and flexibility and could be adjusted to reflect variations in the pace of change in both the renewable and circular businesses as well as in traditional refining. Independently of the planned transition, Neste will continue to provide access to fossil fuel products for its customers.
Petrochemical producers have recently confronted unprecedented volatility in crude oil prices and limits on advantaged feedstock, while the refining and gas sectors remain ...
While grab sampling can be a dangerous and hazardous process for both operators and their surrounding environment, too often safety takes a back seat to other day-to-day ...
Technip Energies and MetGen Oy, announce a collaboration for the industrialization of METNIN® technology for the valorization of lignin. Lignin is a high-volume waste ...
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced that Lihuayi Weiyuan Chemical Co., Ltd. selected its Novolen ...
Yokogawa Electric Corporation announced today that it has been selected by Shell Plc to be the main automation contractor (MAC) for the construction of its Holland Hydrogen ...
Indian Oil Corporation Limited (NSE: IOC | ISIN: INE242A01010) is expanding the petrochemical capacity of its Gujarat refinery (LuPech Project). Nuberg EPC, the leading ...
Sinopec Zhenhai Refinery of China Petroleum & Chemical Corporation obtained a bio-jet fuel airworthiness certificate issued by the Civil Aviation Administration of ...
KBR announced today that it has signed a master license and engineering agreement with Giammarco-Vertrocoke S.R.L. for KBR to license its carbon capture technology globally. This ...
Air Liquide, Chevron, Keppel Infrastructure, and PetroChina announced they have signed a memorandum of understanding to form a consortium which will aim to evaluate and ...
Neste Corporation and Marathon Petroleum Corporation (Marathon) announced an agreement to establish a 50/50 joint venture to produce renewable diesel following ...