Finland – Neste, a Finnish oil refining firm, has begun a strategic study to convert its Porvoo, Finland refinery to a facility for renewable and circular solutions rather than the refining of crude oil.
After the mid-2030s, the planned changes would cause Porvoo to stop refining crude oil. Co-processing renewable and circular feedstock would kick off the transformation under consideration, which might progress to retrofitting existing units with a long-term capacity potential of 2–4 million tonnes per year.
Neste will also keep its Porvoo refinery busy with further research into the potential of green hydrogen.
To increase output of renewable goods at its refinery in Rotterdam, Neste is allocating €1.9 billion ($2.01 billion). Renewably produced goods capacity at the refinery will increase from the present 1.4 Mtpa to 2.7 Mtpa as a result of the development. The Finnish firm anticipates launching the new renewable products unit in the first half of 2026.
Neste is the first Finnish company to be recognized as an IPCEI (Important Project of Common European Interest) by the European Commission. This allows Neste’s clean hydrogen projects at the Porvoo refinery to get national public funding.