Finnish oil refining and marketing company Neste has launched a strategic study on transitioning its refinery in Porvoo to non-crude oil refining and renewable and circular solutions site in addition to looking into opportunities for green hydrogen at the refinery.
The company’s aim is to significantly grow its renewables and circular production in Porvoo long term, starting with the co-processing of both renewable and circular feedstock which could lead to 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 for green hydrogen at the refinery which would contribute to the realization of the company’s climate commitments.
“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” , said Matti Lehmus , president and CEO of Neste.
At Porvoo refinery, the company is producing its Neste Marine 0.1 co-processed marine fuel, which was piloted earlier this year as a solution for helping the maritime sector to reduce greenhouse gas (GHG) emissions .
Compatriot ESL Shipping was the first shipping company to start utilizing this new low-emission marine fuel in its vessels in Finland and Sweden.