Inspectioneering
News

Neste Tables Plan to Add Renewable Hydrogen Production to Porvoo Refinery

Neste Corporation, October 25, 2024

Neste has decided to withdraw from investing into a 120 MW electrolyzer project to produce renewable hydrogen at its Porvoo refinery in Finland. The decision follows the completion of the basic engineering phase, which commenced in May 2023.

The reasons behind the withdrawal are the company’s challenging market conditions and financial performance, requiring critical assessment of any new investments. Evaluation of this project has been impacted by the tight limitations on the use of renewable hydrogen in the refinery’s processes in fulfilling the Finnish national distribution obligation. These limitations prevent the full economic utilization of electrolyzer of this size.

While we are discontinuing the initial renewable hydrogen project, we are actively evaluating alternative pathways for securing renewable hydrogen in Porvoo. Our ambition remains to utilize renewable hydrogen at the Porvoo refinery, contributing also to fulfillment of the Finnish renewable fuels of non-biological origin (RFNBO) distribution obligation. Together with our partners, we continue the work to develop hydrogen ecosystems connected to our Porvoo refinery,” says Markku Korvenranta, Executive Vice President for Oil Products business unit at Neste.


About Neste

Neste (NESTE, Nasdaq Helsinki) uses science and innovative technology to transform waste and other resources into renewable fuels and circular raw materials. The company creates solutions for combating climate change and accelerating a shift to a circular economy. Being the world’s leading producer of sustainable aviation fuel (SAF) and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, the company aims to help its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030.

The company’s ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has consistently been included in the CDP and the DJSI lists of the world’s most sustainable companies. In 2023, Neste's revenue stood at EUR 22.9 billion. Learn more at: neste.com

Click here to read the full article from Neste Corporation.


Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.


Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Training Solutions

Improve your skills in key mechanical integrity subjects.

Case Studies

Learn from the experience of others in the industry.

Integripedia

Inspectioneering's index of mechanical integrity topics – built by you.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.

Blog

Read short articles and insights authored by industry experts.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.

Downloads

Downloadable eBooks, Asset Intelligence Reports, checklists, white papers, and more.

Videos & Webinars

Watch educational and informative videos directly related to your profession.

Acronyms

Commonly used asset integrity management and inspection acronyms.