Neste is a young company with a long history and six decades of oil expertise behind it. Today’s Neste has succeeded in skillfully combining solid industry experience with modern business and environmental values.
Neste was founded 9th January 1948 to secure Finland’s oil supply. The question of building an oil refinery in Finland had first emerged around the mid-1940s, and the new refinery was commissioned in July 1957. In 1962 its capacity was increased from 800,000 t/a to 2.5 million t/a. The extended refinery soon proved unable to meet the growing demand for petroleum products in Finland, however, and it was decided to build a second one. This was commissioned at Porvoo in 1965.
In the years that followed, Neste’s refining capacity, particularly at Porvoo, steadily grew, as did the range of the company’s business interests. Natural gas, exploration and production, and chemicals joined its core refining and shipping activities. Neste Oil also established itself as a retail service station brand.
Neste became a listed company on the Helsinki Stock Exchange in 1995, and in 1997 the Council of State decided to merge the company 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.
World's largest producer of renewable diesel refined from waste and residues
Neste creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions.
We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products.
We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2019, Neste's revenue stood at EUR 15.8 billion. In 2020, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world.
- Neste renewed its strategy with the aim to become a global leader in renewable and circular solutions
- Neste restructured its organization to better support the renewed strategy. For example, the Renewable Products business area was divided into three business units and one operational platform: Renewable Road Transportation, Renewable Aviation, Renewable Polymers and Chemicals, and the Renewables Platform
- Neste opened new offices to serve as global business hubs: Hoofddorp in the Netherlands for the Renewable Aviation business and Düsseldorf in Germany to lead the Renewable Polymers and Chemicals business unit
- Neste reached in total 314 safe days. The occupational safety performance, TRIF, was 1.7 and the process safety event rate, PSER, was 1.4
- Neste's new Shanghai office serves renewable raw material sourcing operations for China, and the Melbourne office will serve Australia and New Zealand. The new locations will support the expanding sourcing of waste and residue raw materials for the production of our renewable diesel, jet fuel as well as other renewable solutions globally
- Neste set two new strategic climate targets: to reduce customers’ greenhouse gas emissions with renewable and circular solutions by at least 20 million tons CO2 eq* annually by 2030 and to reduce the carbon footprint of Neste's own production ahead of the EU’s climate and energy targets
- Neste MY Renewable Diesel became available for customers in Finland, Sweden, Estonia, Latvia, Lithuania, the Netherlands and the US in California and Oregon
- Following up the EUR 1.4 billion investment to expand the renewable products production capacity by up to 1.3 million tons annually in Singapore, construction started at the beginning of the year. The expansion will extend our total renewable product capacity close to 4.5 million tons annually in 2022
- Neste started collaborating with recycling companies Ravago and Remondis to accelerate the development of chemical recycling capacity. Neste’s target is to process more than one million tons of plastic waste annually from 2030 onwards
- Neste and LyondellBasell have produced bio-based plastics from renewable materials on a commercial scale. Cooperation also started with Borealis to produce renewable polypropylene from Neste’s renewable propane
- Neste introduced a new IMO2020- compliant marine fuel, Neste Marine™ 0.5, to the market. This high-quality product helps shipping companies to respond to the tightening regulations on sulphur dioxide emissions
- Neste Engineering Solutions entered into a strategic partnership with the engineering consultancy services company Rejlers. Rejlers acquired the Regional Business Unit of NES, which consisted of personnel and operations in Turku, Kotka, Oulu, Sweden and UAE, except for the NAPCON business unit
- To support our commitment to working with sustainable suppliers, the new Supplier Code of Conduct was implemented, new processes were piloted, and the Supplier Sustainability Portal (SSP) was gradually taken into use
- Neste strengthened our collaboration with Air BP, Lufthansa, and KLM to accelerate the development of renewable solutions for aviation. Neste has already ramped up capacity to produce up to 100,000 tons of renewable jet fuel annually
- Neste divested its fuel retail business in Russia and sold it to the oil and gas company PJSC Tatneft. The transaction enables Neste to focus on strategic priorities with the aim to become a global leader in renewable and circular solutions
- Neste celebrated its 70th anniversary and its journey from a Finnish oil refiner to one of the global leaders in renewable products
- Neste and IKEA prepared for the world’s first commercial scale production of bio-based polypropylene (PP) plastic
- Neste started to explore ways to introduce liquefied waste plastic as a future raw material for fossil refining
- Neste and Alaska Airlines joined forces to fly more sustainably and expand the use of sustainable aviation fuels
- Peter Vanacker started on 1 November 2018 as the President and CEO of Neste Corporation
- Neste MY Renewable Diesel™ launched in Sweden and Latvia
- Neste and Clariant joined forces in developing and making new sustainable material solutions accessible to a variety of industries
- Neste Engineering Solutions and Chevron Lummus Global in cooperation in order to offer solutions for all end-customer training solution needs for operating residue hydrocracking
- A new automated station concept for shopping on the road was launched in Finland
- An investment decision was made on additional renewable production capacity by up to 1.3 million tons per annum in Singapore
- Neste MY Renewable Diesel, produced entirely from waste and residues, was introduced in Finland
- Neste introduced a mobile application which enabled mobile payment for fuel without cash or a card
- Neste deepened its knowhow on the circular economy focusing its raw materials research on waste plastics
- Neste acquired Jacob Engineering's stake in Neste Jacobs Oy
- Neste and American Airlines entered into an agreement to explore opportunities to further reduce American's environmental footprint through the use of Neste's renewable fuels
- Solvent Deasphalting (SDA) Unit at the Porvoo refinery reached full capacity utilization rate in year-end 2017
- Neste acquired pre-treatment and storage capacity for renewable raw materials in Sluiskil in the Netherlands as part of the company's growth program. The agreement was signed with Electrawinds ReFuel B.V.
- Neste announced to start selling diesel produced entirely from renewable raw materials around the turn of the year.
- Neste and IKEA of Sweden announced partnership to deliver renewable, bio-based plastics.
- Neste Renewable Diesel was taken into use in the City fleets of Carlsbad and San Diego, and the County of Sacramento in California.
- Oslo Airport Gardermoen was the world's first airport to offer renewable aviation fuel refined by Neste for refueling airplanes.
- A carbon dioxide recovery and liquefaction plant built at Neste's renewable products refinery in Singapore started commercial operation.
- A joint project between Neste, Veolia and Borealis to arrange power plant operations and build a new power plant in Kilpilahti, Porvoo, Finland was confirmed.
- For the tenth time, Neste was chosen as one of the world's top 100 most sustainable corporations and included in the Global 100 list.
- On 1 April the Annual General Meeting decided the company name to be Neste Corporation from the beginning of June.
- The largest maintenance turnaround in history successfully executed at Neste's Porvoo refinery.
- New customer openings for NEXBTL renewable diesel in new customer segments such as fleet use (e.g. Google and UPS) and municipalities (e.g. City of Oakland and San Francisco).
- 100% NEXBTL renewable diesel became available for consumers under customers’ own brands in e.g. Sweden, Austria, and California.
- Neste became the world's largest producer of renewable fuels from waste and residues.
- New partnerships with Total Fluides and HSC Group in renewable solvents.
- Neste was selected for the ninth time for inclusion in The Global 100 list of the world's most sustainable companies.
- The NEXBTL product range was expanded with isoalkane, which can be used as a feedstock in the chemical industry instead of thin mineral oil.
- The European Commission approved Neste Oil's proprietary sustainability verification system and confirmed that it complies with the standards set for reliability, transparency, and independent third-party auditing.
- Neste Oil's sustainability system for renewable fuels was approved by the Finnish Energy Authority.
- The company's key vessels were sold to companies owned by the Finnish National Emergency Supply Agency and Ilmarinen, and the ship management functions were outsourced to OSM Ship Management Finland Oy.
- Neste Oil's organization was restructured. The Production and Logistics function was merged into the Oil Products and Renewable Products business areas. Oil Retail is the company's third business area. The aim of the restructuring was to clarify and streamline the management of businesses and improve the customer focus and ability to react to changes in the markets.
- Construction of a biopropane unit began at Neste Oil's Rotterdam refinery. A biopropane sales agreement was signed with SHV Energy.
- The operations of the Porvoo and Naantali refineries will be merged to achieve more efficient control and increased operational cost-efficiency.
- We launched a low-sulfur bunker fuel meeting the EU's Sulfur Directive, which came into force in 2015.
- Neste Futura fuels were launched in the Baltic and Russian markets. Neste Pro Diesel fuel was launched in Lithuania.
- New Miljöklass 1 diesel fuel with high NEXBTL content was developed for the Swedish market.
- Airplane manufacturer Boeing successfully tested Neste Oil's NEXBTL diesel fuel as a component of aviation fuel
- Neste Oil invested approximately EUR 42 million in improving the energy efficiency and operational reliability of the Porvoo refinery. We also decided to invest EUR 65 million in building an isomerization unit at the Porvoo refinery.
- Neste Oil reached its target of using only certified crude palm oil in the production of NEXBTL renewable diesel two years early.
- We expanded the feedstock base of NEXBTL renewable diesel with technical corn oil, which is unfit for human consumption.
- We were the first company in the world to begin using tall oil pitch as a feedstock for refining into traffic fuel.
- Neste Oil was the first company in the world to receive a RSPO-RED Supply Chain certificate, a new certification system under the Roundtable on Sustainable Palm Oil (RSPO).
- Neste Pro Diesel, a diesel fuel developed and produced by the company was the first anywhere to comply with the WWFC 5 specification drawn up as part of the Worldwide Fuel Charter (WWFC).
- We began collaboration with The Forest Trust (TFT), an organization focusing on the prevention of deforestation, to protect rainforests
- Neste Oil signed a contingent commercial off-take agreement on purchasing algae oil with the US-based company Cellana.
- Neste Oil delivered the first batches of NEXBTL renewable diesel to the US market.
- The company launched the Truck+ refueling service for its heavy traffic customers, allowing refueling without a card
- Neste Oil expanded the range of renewable raw materials by beginning to produce NEXBTL renewable diesel from waste fat sourced from the fish processing industry.
- Neste Oil launched the new premium-quality Neste Pro Diesel.
- Neste Oil launched Europe's first pilot plant producing microbial oil in Porvoo.
- Neste Oil expanded its product offering for B-to-B customers with NEXBTL renewable naphtha, which can be used as a feedstock for producing bioplastics.
- Neste Oil signed an agreement with Shell on selling its station network in Poland.
- The company's fourth production plant for renewable diesel was launched in Rotterdam, the Netherlands, in September 2011.
- We launched a new production plant for high-quality base oils with Bahrain Petroleum Company (Bapco) and nogaholding in Bahrain.
- Neste Oil sold its Estonian gas business to Alexela, the Beringen polyalphaolefin (PAO) production plant in Belgium to Chevron Phillips Chemical, and its 50% share of the iso-octane plant in Edmonton to the Canadian company Keyera Corporation.
- The feedstock base for renewable fuels expanded from five to eight feedstocks
- Thanks to its R&D expertise, Neste Oil succeeded in producing the first batch of renewable NExBTL aviation fuel in summer 2011
- In 2011, Neste Oil completed the ISCC (The International Sustainability & Carbon Certification) certifications of all its renewable diesel production plants
- The new NEXBTL plant in Singapore was successfully launched in November 2010.
- Neste Oil and Lufthansa announced that they were the first to use renewable fuels in air traffic.
- Neste Oil's second renewable diesel plant was launched in Porvoo.
- Risto Rinne retired and Matti Lievonen was appointed as the new CEO of Neste Oil.
- Neste Oil clarified aiming to become the world's leading producer of biodiesel.
- Neste Oil was listed on the Helsinki Stock Exchange on 1 April, 2005.
- Fortum decided to build a biodiesel plant in Porvoo in January 2005.
- US-based Jacobs Engineering became a co-owner of Neste Engineering.
- Futura gasoline, 98-octane biogasoline and Neste Green 100 diesel launched in the Finnish market.
- Fortum divested its bitumen business, oil exploration and production operations in Norway and oil field shares in Oman.
- Fortum divested its petrochemical operations in 1999.
- Majority shares in Gasum Oy were sold in 1999.
- Neste Chemicals business was divested.
- Fortum Group was listed on the Helsinki Stock Exchange in 1998.
- The merger of IVO and Neste commenced, and IVO-Neste Yhtymä Oy was established on February 28, 1998.
- Neste's shares were subscribed and Neste was listed on the Helsinki Stock Exchange on November 27, 1995
- Shares in English North Sea gas fields were sold in 1994.
- Neste and Norwegian Statoil merged their production of petrochemicals and plastics, and Borealis was established in 1994.
- Natural gas company Gasum Oy was established in 1994 (Neste's holding 75%, Gazprom's 25%)
- Neste's oil exploration and production expanded in the North Sea and Middle East.
- MTBE plants producing oxygen-containing component for gasoline were launched in Portugal, Canada, and Malaysia in 1992.
- Neste service stations were established in the Baltic Sea area.
- Airplane refueling operations were began under the name Neste Air.
- Oil trading operations were commenced in 1982.
- Neste launched the Futura brand.
- Neste sold its coal business to Aspo.
- Neste built a large number of production plants, expanded its production plants, and acquired holdings in companies.
- Jaakko Ihamuotila started as Neste's CEO in 1980.
- Uolevi Raade retired in 1979.
- New head office was built in Keilaniemi, Espoo.
- Neste became the largest shipping company in Finland after acquiring 250,000-ton supertankers Jurmo, Jaarli, and Jatuli.
- Imports of natural gas to Finland began.
- Neste became the largest company in Finland and had an important role in balancing the Russian trade.
- The Porvoo and Naantali refineries adopted sulfur recovery and chemical and biological wastewater treatment plants.
- Neste built petrochemical and plastic production plants.
- Neste's annual oil refining capacity increased to 14–15 million tons.
- Expansion of the Porvoo refinery was completed in 1976.
- Oil exploration and production commenced in the North Sea.
- The company expanded into the petrochemical industry.
- A research laboratory was set up in Naantali and later transferred to Porvoo.
- Neste's Porvoo refinery was launched in 1965 and expanded a few times.
- Neste, Kesko, OTK and SOK established the liquid gas distribution company Tehokaasu in 1963.
- Neste decided to double the capacity of the Naantali refinery. The expansion was completed in 1962.
- First crude oil load arrived at the Naantali refinery in 1957.
- Neste's first refinery was launched in Naantali in 1957.
- Uolevi Raade was appointed as CEO in 1955.
- Neste purchased its first tanker from Norway and began to import oil.
- Eino Erho was appointed as CEO.
- Neste Oy was established in 1948 to secure Finland's supply of oil.