Neste launched the strategic study in September 2022 with an aim to significantly grow its renewables and circular production in Porvoo long term, starting with the co-processing of both renewable and circular feedstock which could lead to retrofits of existing units at a later stage, with a long-term capacity potential of 2 to 4 million tonnes per year.
The targeted transformation would lead to a discontinuation of crude oil refining in Porvoo in the mid-2030s. Having concluded the study, the company said the planned transformation will proceed in phases, with multiple separate investment decisions required during the next decade before targeted completion.
The company expects the long-term capacity potential after the transformation to be about 3 million tons of renewable and circular products, such as renewable diesel, sustainable aviation fuel, and both renewable and circular feedstock for the polymers and chemicals industry. The total investment estimate for the transformation roadmap is approximately €2.5 billion.
Recently, Neste was granted an energy investment aid of €1.96 million for heat recovery from the green hydrogen production planned for the Porvoo refinery.
Tags: Crude Oil, Neste, Refinery, Renewables
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