4 February 2013 at 4:00 p.m. (EET)
Neste Oil to invest EUR 65 million in enhancing gasoline production at Porvoo
Neste Oil has decided to build an isomerization unit at its Porvoo refinery. The investment, valued at approx. EUR 65 million, is intended to increase the output of high-octane gasoline and improve refining flexibility at the site.
"When the new isomerization unit is completed in 2015, we will be able to refine higher volumes of premium-quality gasoline that commands a higher price on export markets," says Matti Lehmus, Neste Oil`s Executive Vice President, Oil Products and Renewables. "In addition to its importance for Neste Oil, the new unit represents a major industrial investment nationally in Finland."
The isomerization unit will have a capacity of 600,000 t/a. Construction will begin this year and the unit is due to come on stream in spring 2015. The project will generate 60 man-years of employment.
Neste Oil took the initial decision to make the investment in 2008, but announced in 2009 that it would postpone the project until the market situation improved. Neste Oil believes that the demand for cleaner fuels, such as high-octane, low-sulfur gasoline, is continuing to grow globally.
Neste Oil Corporation
Director, Corporate Communications
For further information: Matti Lehmus, Executive Vice President, Oil Products and Renewables, tel. +358 10 458 4072
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world`s leading supplier of renewable diesel. Neste Oil had net sales of EUR 15.4 billion in 2011 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and the Ethibel Pioneer Investment Register, and has featured in The Global 100 list of the world`s most sustainable corporations for many years. Forest Footprint Disclosure (FFD) has ranked Neste Oil as one of the best performers in the oil & gas sector. Further information: www.nesteoil.com.
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Source: Neste Oil Oyj via Thomson Reuters ONE