Neste Oil Corporation
25 March 2013 at 16:20 (EET)
Neste Oil is Finnish company registered in Finland
Recent comments in the Finnish media have given the impression that Neste Oil is registered in Bermuda, one of the world's tax havens. This is not the case, however, as Neste Oil is a Finnish company registered in Finland.
Neste Oil is one of Finland's largest ship owners and all of its own vessels are registered in Finland and have Finnish crews. Neste Oil is also a part-owner of three tankers owned by companies registered in Bermuda. These vessels operate in global trading. If Neste Oil is to sell its holdings in these ship owning companies or if these companies pay Neste Oil a dividend on its holdings, any such revenue is taxable in Finland and subject to the appropriate Finnish tax rate.
Bermuda is widely used domicile among international ship owners. This has been taken into account in Finnish tax legislation which stipulates that as long as profits arising from shipping operations are retained by a Bermudian company they are not taxable in Finland. This represents an explicit exception to the normal tax practice in Finland.
The aggregate revenue of the shipping companies in question (in which Neste Oil's ownership is 50%) was EUR 20 million in 2012, some 0.1 percent compared to Neste Oil Group revenue.
Neste Oil Corporation
Senior Vice President, Communication, Marketing and Public affairs
Further information: Matti Piri, Acting CFO, tel. +358 10 458 4960
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. Neste Oil had net sales of EUR 15.4 billion in 2011 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and the Ethibel Pioneer Investment Register, and has featured in The Global 100 list of the world's most sustainable corporations for many years. Forest Footprint Disclosure (FFD) has ranked Neste Oil as one of the best performers in the oil & gas sector. Further information: www.nesteoil.com