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Our transformation journey

Neste as a company has gone through several transformations, from a regional oil refiner to becoming a global leader in renewable and circular solutions. 

Neste was founded in 1948 with the purpose to secure Finland’s oil supply. In the following decades, the company grew steadily and built its two Finnish refineries, the first one in Naantali (1957) and the second in Porvoo (1965), which was later expanded multiple times. Natural gas, exploration and production, and chemicals joined our core refining and shipping activities. In the 1970s, Neste became Finland’s largest company and had an important role in balancing the Russian trade. Later Neste also established itself as a retail service station brand in Finland, the Baltic countries as well as Northwestern Russia.

In 1995, Neste became a listed company on the Helsinki Stock Exchange. A couple of years later, the company was merged with Imatran Voima to form Fortum Corporation, which was listed in December 1998. The merged oil and electricity company continued until 2005, when the oil business was spun off as a separate company and Neste Oil took its place on the Helsinki Stock Exchange.

In 2015, the company’s name Neste Oil was changed back to the original name, Neste, to reflect the change in our strategy towards renewables.

The 2000s introduced a change of course: Neste made its target to become the world's leading producer of renewable diesel. With its proprietary NEXBTL technology, the company could transform fats into molecules that could replace fossil raw materials in fuel production. Renewable diesel production began in Porvoo and in 2010 and 2011 respectively, Neste launched new renewable products production plants in Singapore and in Rotterdam, the Netherlands. 

During the following decade and with the help of the legacy of innovation and passion for renewal, Neste reached its target to become the world’s largest producer of renewable diesel. 

Neste is now in a strong position for the second wave of growth and transformation. Our ambition is to become a global leader in renewable and circular solutions. We are committed to move faster and bolder, go truly global as well as broaden and open new end-markets in renewable road transportation, aviation and in the polymers and chemical industries. Our journey towards a carbon-neutral world continues.

 

FASTER, BOLDER AND TOGETHER?
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