Neste has launched a strategic study on transitioning its Porvoo refinery in Finland to a renewable and circular site, with the aim of ending crude oil refining in the mid-2030s.
It is seeking to “significantly grow” its renewables and circular production in Porvoo in the long term through co-processing and retrofitting of units.
It 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 two million to four million tonnes per year, with the targeted transformation leading to a discontinuation of crude oil refining in the mid-2030s.
Neste also aims to continue to actively study opportunities of green hydrogen at the Porvoo refinery, supporting the company’s climate commitments.
Matti Lehmus, President and CEO of Neste said: “Neste’s growth strategy is centred 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.”