oil-products · 3/1/2022

Neste has mostly replaced Russian crude oil with other crudes

Neste Corporation, News, 1.3.2022

The European business community has been united in condemning the invasion of Ukraine by Russia. We have a common concern about the situation. 

Due to the current situation and the uncertainty in the market, Neste has mostly replaced  Russian crude oil with other crudes, such as North Sea oil. We closely monitor the situation and the development of sanctions and potential counter-sanctions and prepare for various options in procurement, production and logistics. Neste’s refineries operate normally and we aim to secure supply of our products in all situations.

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2021, Neste's revenue stood at EUR 15.1 billion. Read more: