Neste Oil Corporation
7 March 2014 at 10.00 a.m. (EET)
Neste Oil took even stronger stand against deforestation in 2013 - all sustainability results from 2013 published
Neste Oil has published its Sustainability Report for 2013, which contains the results of the Neste Oil Sustainable Way program last year. The report can be found in English at 2013.nesteoil.com/sustainability and in Finnish at 2013.nesteoil.fi/vastuullisuus.
"Sustainability is one of the cornerstones of our cleaner traffic strategy and integral to all aspects of our operations," says Neste Oil's President & CEO Matti Lievonen. "For example, understanding our supply chain and verifying the sustainability of the feedstocks we use is central for the success of our business. I am proud of what we achieved in 2013 and of the long-term work that we are doing to develop sustainable business operations."
Watch Simo Honkanen's, SVP, Sustainability, video greeting to find out more about the Neste Oil Sustainable Way.
The results of the sustainability program in 2013 in brief:
- Neste Oil published its No-Deforestation and Sustainable Sourcing Guidelines and started cooperation with The Forest Trust (TFT), an organization focusing on preventing deforestation.
- Neste Oil produced enough NEXBTL renewable diesel to power 2.6 million cars for a year.
- Using NEXBTL diesel reduced CO2 emissions by 4,800,000 tons compared to using fossil fuels.
- Neste Oil's cleantech revenue rose from EUR 2.2 billion to EUR 2.5 billion.
- Return on average capital employed after tax (ROACE) improved significantly and stood at 11.8% at the end of the year. ROACE is one of Neste Oil's key financial targets.
- Waste and residues rose from 35% to 52% of Neste Oil's total renewable feedstocks. NEXBTL diesel produced from waste and residues was equivalent to the annual fuel consumption of 1.3 million cars.
- Neste Oil achieved its target of using only certified crude palm oil as an input for producing renewable fuel two years early. The original target set in 2009 was to achieve this by the end of 2015.
- The number of smallholders supplying Neste Oil with palm oil rose from 9,000 to 54,000. Neste Oil's certification requirements cover smallholders in the same way as other suppliers.
- Neste Oil invested a total of EUR 26.4 million in safety. People safety performance did not develop as projected during 2013, and Total Recordable Injury Frequency (TRIF) was 4.2 compared to the target of less than 2.2. An extensive safety development project was launched to improve safety performance and included the announcement of a new set of safety rules called the Life saving rules. The target set for process safety performance was achieved successfully, however, and a figure of 3.0 was achieved compared to the target of below 4.
- Neste Oil launched the new Way Forward initiative, which emphasizes the importance of taking and giving responsibility, teamwork, safety, customer focus, rewarding people for good performance, and dealing with shortcomings effectively.
- Neste Oil reported its tax contribution more extensively. The company's tax contribution was over EUR 3 billion in 2013. Taxes borne by the company in Finland totaled EUR 106 million and those borne elsewhere totaled EUR 33 million. Taxes borne in Finland increased by 77% compared to 2012.
Find out more about Neste Oil's tax contribution in 2013.
Neste Oil Corporation
Director, Corporate Communications
Further information: Simo Honkanen, Senior Vice President, Sustainability and HSSE, tel. +358 50 458 4170
Neste Oil's Sustainability Report 2013 (PDF) 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 17.5 billion in 2013 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