31 January 2014

Neste Oil inaugurates a EUR 26 million environmental investment at Porvoo

Published in Releases and news

Neste Oil Corporation
Press release
31 January 2014 at 1 p.m. (EET)

Neste Oil inaugurates a EUR 26 million environmental investment at Porvoo

Neste Oil celebrated the inauguration of a new emissions recovery system at the harbor of its Porvoo refinery today, 31 January. Ville Niinistö, Finland's Minister of the Environment, officiated at the ceremony. The new system is capable of recovering up to 70% of the volatile organic compounds (VOC) released into the atmosphere when loading gasoline. Costing around EUR 26 million and built during the last two years, the system represents a major environmental investment.

"Reducing environmental impact and cutting emissions are at the heart of Neste Oil's cleaner traffic strategy," says President & CEO Matti Lievonen. "As well as developing a globally successful business based on cleaner fuels, we have worked for decades to reduce the environmental impact of our own operations.

"We have reduced the emissions of our refineries significantly over the years, and we believe that we can reduce their impact on the environment even further. Our aim is to do this in a practical, cost-effective way, as we also need to ensure that we maintain our competitiveness in a challenging marketplace."

"Growth potential in the world economy is increasingly focused on technology designed to address the environmental issues we face," says Ville Niinistö. "The work that Neste Oil has done to generate growth from new, low-emission solutions shows that there is a lot of hope for the future of Finland's industrial know-how."

Thanks to the new system, hydrocarbon emissions at Porvoo will be reduced significantly, as gasoline loading operations at the refinery's harbor are the site's single largest source of VOC emissions. In addition to reduced emissions, the new system will also provide a cleaner working environment for harbor personnel.

Neste Jacobs - a major technology, engineering, and project management company serving industries such as oil & gas - acted as the lead engineering contractor for the project.

Neste Oil Corporation
Kaisa Lipponen
Director, Corporate Communications

Further information: Kari Kolsi, Refinery Manager, tel. +358 10 458 2317

Photo for media use attached.

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 17.9 billion in 2012 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