- Business
- Neste Oyj produces and markets renewable diesel, sustainable aviation fuel, renewable and recycled feedstock for plastics and chemicals, oil products including diesel, gasoline, aviation and marine fuels, light and heavy fuel oils, gasoline components, special fuels such as small-engine gasoline, solvents, liquid gases and bitumen; it operates through Renewable Products, Oil Products, Marketing & Services, and Others segments and serves business customers, retailers, distributors, oil majors, trading companies, petrochemical companies, lubricant marketers, consumers, transport service providers, aviation, shipping, industrial, agricultural, municipal and heating fuel customers with lower-emission fuels, oil products, associated digital solutions, transport fuels and EV charging services. Founded in 1948 and headquartered in Espoo, Finland, the company conducts operations in Finland, other Nordic countries, the Baltic Rim, other European countries, the United States and internationally across 14 countries. Neste Oyj, formerly Neste Oil Oyj until its name change in June 2015, maintains refineries including Porvoo and Naantali in Finland. In recent developments, Neste issues a EUR 700 million green bond in March 2025 to fund expansion of its Rotterdam refinery into the world's largest renewable diesel and sustainable aviation fuel facility, with commercial operations now delayed to 2027 and investment costs increased to EUR 2.5 billion; it launches a performance improvement program in February 2025 targeting EUR 350 million EBITDA run-rate improvement by end-2026 through EUR 250 million in operational cost reductions, capital discipline limiting non-Rotterdam capex to EUR 0.5 billion annually, streamlining renewable polymers/chemicals activities to focus on fuels, scaling down algae and Power-to-X investments, and starting change negotiations. The company forms strategic partnerships including a collaboration with Alterra and Technip Energies for standardized chemical recycling of plastics using modular liquefaction plants, an extension with United Airlines for sustainable aviation fuel supply to three major US airports, and receipt of EU Innovation Fund support in November 2025 for new co-processing technology development; it also agrees to acquire Lummus Technology's NAPCON digital solutions unit by June 2025 with a related partnership, and previously completes acquisitions like the used cooking oil business from Crimson Renewable Energy Holdings and a joint venture with Marathon Petroleum for the Martinez Renewables renewable diesel facility in California.