“COP 28 is a strong signal for us”

“The COP28 declaration is a strong signal for all of us and we want to lead the way in accelerating the green transition with our renewable and circular solutions. The long-term transformation of the Porvoo refinery is a key element of our renewable growth strategy and, when completed, will mark the end of Neste’s journey towards becoming a pure renewable and circular solutions provider. This will further strengthen our position in meeting the future needs of our customers,” says Matti Lehmus, President and CEO of Neste. “Due to the growing share of renewable fuels and electrification, the demand for fossil fuels is decreasing in our traditional markets. I am excited to embark on this roadmap for the transformation of the Porvoo refinery to proactively create a sustainable future for the site. This transformation is made possible by our decades of refinery experience, our specific expertise in processing challenging feedstocks and our highly skilled employees,” explains Markku Korvenranta, Executive Vice President of the Oil Products Business Area.

The planned transformation of the Porvoo site will contribute to achieving Neste’s climate commitments. The final timetable for the transition from crude oil to renewable and recyclable raw materials will be determined at a later date according to the actual demand on the fuel market, the development of legislation and the progress of the transformation.

Test series successful – over 6000 tons of plastic waste liquefied

At the same time, Neste announces the successful completion of a series of tests at its refinery in Porvoo, Finland, to process liquefied plastic waste. The test runs carried out in the second half of 2023 doubled the total amount of liquefied plastic waste processed by Neste to more than 6,000 tons. In the largest test run of the year, more than 2,000 tons of liquefied plastic waste were processed for the first time. The product manufactured in the test runs is an ISCC PLUS-certified, high-quality raw material for plastics production.

“We urgently need solutions to reduce emissions and at the same time tackle the global problem of plastic waste,” explains Heikki Färkkilä, Vice President Chemical Recycling at Neste. “We are processing ever larger quantities of plastic waste, which underlines our commitment to expanding chemical recycling. At the same time, these volumes are also proof of the commitment of our partners, our suppliers and the industry as a whole: we are confident that chemical recycling will make a major contribution to the circular economy of plastics as a commercial process in the coming years.”

Picture above: Neste plans to massively expand its chemical plastics recycling capacities in the coming years. Photo: Neste