Neste explores oil-to-renewables switch at Porvoo refinery

Finnish oil refining company Neste is mulling whether to replace oil refining with renewable energy production at its refinery in Porvoo.

PHOTO: Aerial view of the Porvoo refinery. Neste Corporation

Neste will undertake a study to look into co-processing of renewable feedstock and whether this can be extended to retrofits to existing units. The company anticipates the long-term production capacity of the refinery to be between 2-4 million mt/year.

The study could lead the company to discontinue crude processing at the site in the mid-2030s.

The Porvoo refinery is the only one to process crude oil out of Neste’s three refineries.

A bunker supplier in Germany's Bremerhaven has a long-term VLSFO supply agreement with Porvoo refinery, sources say.

“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,” said Matti Lehmus, president and chief executive of Neste.

Neste is also exploring the possibility of producing green hydrogen at the site.

By Tuhin Roy

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