Neste, a Finnish oil refining firm, has begun a strategic study to convert its refinery in Porvoo, Finland, to a non-crude oil refining and renewable and circular solutions site.
Neste will also continue to actively study opportunities of green hydrogen at its Porvoo refinery.
The planned change would result in the end of crude oil refining at Porvoo by the middle of the 2030s. With a long-term capacity potential of 2 to 4 million tonnes per year, the transformation under investigation would begin with the co-processing of both renewable and circular feedstock and may later continue with retrofits of existing units.
“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.