Neste Oil's production volumes were significantly reduced in the third quarter by a scheduled five-week maintenance shutdown at the Porvoo refinery, as anticipated. Despite lower volumes, Neste Oil continued to show strong profitability.
President & CEO Risto Rinne:
"Our main challenge in the third quarter was the scheduled five-week maintenance shutdown at the Porvoo refinery. We were able to complete this major effort two weeks faster than in 2001. Unfortunately the shutdown coincided with peak prices and the company could not take the most out of the market. The successful completion of the shutdown, however, will ensure that the Porvoo refinery will remain one of the leading complex refineries in Europe. In addition to maintenance work, many important investment projects were advanced at the site, most notably those related to the Diesel project and construction work of our new biodiesel plant."
"Despite the negative impact of the shutdown on our volumes, we still delivered a good profit, confirming the success of our strategy of focusing on high-quality, clean traffic fuels."
Risto Rinne, President & CEO, tel. +358 10 458 4990
Petri Pentti, CFO, tel. +358 10 458 4490
News conference and conference call
A press conference in Finnish on the third-quarter results for 2005 will be held today, 25 October 2005, at 11:30 am EET at Hotel Kämp in conference room Akseli Gallen-Kallela, Pohjoisesplanadi 29, Helsinki. www.nesteoil.com will feature English versions of the presentation materials.
A conference call in English for investors and analysts will be held today, 25 October 2005, at 3:00 pm EET. The call-in numbers are as follows: UK: +44(0)20 7162 0080, US: +1 334 323 6201. Use the password: Neste Oil. An instant replay of the call will be available until 1 November 2005 at +44(0)20 7031 4064 for the UK and +1 954 334 0342 for the US, using access code 679013.