Neste to develop Europe’s most sustainable refinery by 2030
Neste is the world’s leading producer of sustainable aviation fuel, renewable diesel and renewable feedstock solutions for various polymers and chemicals industry uses.
The Finnish company — founded in 1948 — is developing chemical recycling technologies and capacity to combat plastic waste, and introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. These elements are part of the wider sustainability strategy that aims to make the Porvoo refinery in Finland the most sustainable refinery in Europe by 2030 and to reach carbon neutral production by 2035.
Neste is also committed to supporting its customers to reduce their greenhouse gas (GHG) emissions by at least 20 million tons of CO2e annually by 2030.
Renewable products promoting sustainable business growth
Neste produces renewable products at its refineries in Finland, the Netherlands and Singapore entirely from renewable raw materials with a current annual nameplate capacity of approximately 3.3 million tons. Neste’s Singapore refinery expansion and our joint operation, Martinez Renewables, with Marathon Petroleum in Martinez, California, will increase Neste’s total production capacity of renewable products to 5.5 million tons by the beginning of 2024.
Strong leadership producing impressive results
“Neste posted strong results in the third quarter of 2023 and our comparable EBITDA reached €1,047m. Going forward, we continue rolling out our global growth strategy, while in parallel focusing on efficiency improvements,” shares President and CEO Matti Lehmus.
“Our near-term focus will be on the successful ramp-up of our new production facilities, the global optimisation of our term sales for 2024 and in continuing our efficiency and productivity improvements.”
Matti Lehmus: Over two decades of energy leadership at Neste
Lehmus joined the company in 1998, and has held the post of CEO since 2022. Previously, he has been responsible for Neste’s Renewables Platform (2019–2022) and for the Oil Products business area (2014–2019).
He has also been a member of the National Emergency Supply Council since 2018, and gained his eMBA from Helsinki School of Economics in 2003.
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