Neste ©
Neste ©

Finnish renewable fuels producer Neste has launched a study into transitioning its Porvoo site into a renewable and circular site and ending crude oil refining in the middle of the next decade, the company said.

Starting with the co-processing of both renewable and circular feedstock, the transition could include retrofits of existing units at a later stage, with a long-term production capacity of 2M-4M tonnes/year, the company said on 19 September.

In addition, Neste said it would continue to look into opportunities for green hydrogen at the facility in Finland.

“Neste’s growth strategy is centred on renewable and circular solutions. We… launch… this study on the long-term transformation path for our Porvoo refinery and targeting to ultimately replace crude oil with alternative feedstocks,” Neste CEO and president Matti Lehmus said.

“The Porvoo site provides a flexible and large-scale base that can grow into a major site for our renewables and circular business.”

As it would take over a decade to implement the plan, Neste said it would involve considerable investment and would be based on modularity and flexibility and could be adjusted to reflect variations in the pace of change in both the renewable and circular businesses as well as in traditional refining.

Independently of the planned transition, Neste said it would continue supplying fossil fuel products.

Located in the Kilpilahti industrial area, the Porvoo refinery currently produces both fossil and renewable products and comprises four production lines and more than 40 production units, according to the company website.