December 22, 2023 [Reuters]- Finland’s Neste (NESTE.HE) said on Wednesday it plans to invest some 2.5 billion euros ($2.74 billion) to convert its Porvoo crude oil refinery into a biofuels production facility as it seeks to exit fossil fuel production over the long term.
“The goal of our change programme is to create a globally significant production capacity for renewable and circular economy solutions, up to three million tons,” Neste CEO Matti Lehmus told Reuters.
Around half of Porvoo’s planned renewables capacity, 1.5 million tons, is to be dedicated to sustainable aviation fuel (SAF) production, he added.
Lehmus said completing the programme will require more individual investment decisions.
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