Neste has launched a strategic study on transitioning its refinery in Porvoo, Finland to non-crude oil refining and into a globally leading renewable and circular solutions site. The transformation under study would start with the co-processing of both renewable and circular feedstock and could continue with 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.

In the mid 2023 Neste made the final investment decision to commence construction of upgrading facilities for liquefied plastic waste at its Porvoo refinery in Finland. With the investment of 111 million euros, Neste will build the capacity to upgrade 150,000 tons of liquefied waste plastic per year. Upgrading is one of the three processing steps turning liquefied waste plastic into high-quality feedstock for new plastics: pretreatment, upgrading and refining. The investment is part of a broader project, which has received an EU Innovation Fund grant of 135 million euros if fully implemented and is targeting a total capacity of 400,000 tons per year.