Year of Establishiment 1948
Privately Traded
Aeadquarters: Espoo, Finland
Neste is one of the leading producers of SAF, renewable diesel and renewable feedstock solutions for the polymers and chemicals industry.
Key Facts
-
SAF Production Capacity:1 million tons annually
-
SAF Production Target-:2.2 million tons by 2026
-
Revenue:€22,926 million (2023)
-
EBITDA:€2,548 million (2023)
Current and Planned SAF Investments
In December 2023, Neste began transforming its crude oil refinery in Porvoo, Finland, to a renewable and circular solutions refining hub with a total investment of about €2.5 billion.
In June 2022, Neste announced investing €1.9 billion for the Rotterdam refinery expansion project in the Netherlands, targeted to begin production by mid-2026.
Tie-Ups
-
Avefuel Corporation
Mar 2024: Partnership extension till end-2027 to strengthen the SAF business leadership position and to increase SAF supply to Avefuel by 3x.
-
EmiratesOct 2023: Partnership to supply over 3 million gallons of blended SAF over 2024 and 2025.
-
ITOCHUMay 2023: Extended collaboration using a licensing agreement to allow ITOCHU to distribute Neste’s Renewables Diesel in Japan officially.
-
Viva AerobusApr 2023: Signed a new purchase agreement for one million litres of SAF.
-
AirbusNov 2022: Signed an agreement to advance the use of SAF within the aviation sector for speedy decarbonisation goals.
-
Air France-KLM GroupOct 2022: Entered a SAF agreement to supply one million tons of SAF till 2031 starting in 2023.
Financiers / Investors
Finnish State 44.2%
Non-Finnish shareholders 36.8%
Finnish institutions 10.6%
Retail Investors 8.4%
Other Information
In 2022, World Fuel Services became Neste’s authorised branded SAF distributor for several European locations, starting from France’s Paris-Le Bourget Airport (LFPB) and targeting expansion in the UK and Germany.
In 2022, Neste made a historic achievement by successfully operating the first-ever SAF-powered Boeing 737-800, a Malaysian Airlines aircraft with onboard passengers. In 2021, Neste unveiled its €500 million 7-year green bond, the “Green Finance Framework”, to support financing and refinancing eligible projects and assets related to renewable and climate change solutions. Neste’s SAF Optionality Project targets to increase capacity by 500,000 tons annually with an investment of €190 million scheduled in early 2024.