Neste Corporation, News, 6.4.2022
We at Neste are appalled and concerned about the war in Ukraine and we condemn the invasion by Russia. Neste has on 28 February 2022 announced to mostly replace Russian crude oil with other crudes.
We have not bought Russian crude oil on the spot market since the start of the war, and we are not making any new supply agreements of Russian crude oil or fossil feedstocks for now.
The existing supply contracts for Russian crude oil end in July and the contracts for other feedstocks by the end of the year. We believe that substituting crude oil grades can be found on the world market.
From the beginning of April onwards, Neste has within the frame of existing supply contracts and technical capabilities replaced approximately 85% of the Russian crude oil with other qualities. One of the last remaining oil cargoes from Russia will arrive at Neste's Porvoo refinery tonight.
We implement the changes in our refinery in a controlled manner so that we can secure safe continuation of our operations and production. Neste has a central role in securing the security of supply for energy in Finland.
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: neste.com