01 April 2008

Neste Oil and YIT contract dispute goes to Court of Arbitration

Published in Releases and news
The disagreement that has arisen in the final financial settlement for the mechanical installation work of production line 4, which was completed at Neste Oil's Porvoo oil refinery last summer, has been brought to the court of arbitration for a decision. Neste Oil's claims against YIT Industrial and Network Services amount to around EUR 36 million and they comprise mainly damages based on the delay to the contract. Neste Oil is reserving the right to further specify its claims.
 
YIT has presented counter claims against Neste Oil for an amount of around EUR 25 million. The principle bases of these claims are the work performed under the contract and the additional costs that arose from the prolongation of the project. Both parties contest the claims made against each other.
 
For additional information, contact:
Mr Matti Hautakangas, General Counsel, Neste Oil Corporation, telephone +358 10 458 5350

Neste Oil Corporation
Osmo Kammonen
Senior Vice President, Corporate Communications
Neste Oil in brief
 
Neste Oil Corporation is a refining and marketing company focused on premium-quality, clean traffic fuels. The company's strategy is focused on growing its oil refining and biodiesel businesses. Neste Oil's refineries are located at Porvoo and Naantali in Finland, and have a total refining capacity of approx. 260,000 bbl/d. Neste Oil's net sales for 2007 totaled 12,103 million euros. The company employs around 5,100 people and is listed on the Nordic Exchange, Helsinki. For further information, see www.nesteoil.com.