Neste

{{Short description|Finnish oil company}} {{Other uses}} {{Distinguish|Nestlé}} {{Use dmy dates|date=July 2016}} {{Infobox company | name = Neste Oyj | logo = Neste logo.svg | image = Nesteen pääkonttori.jpg | image_caption = Neste headquarters in Espoo | type = Julkinen osakeyhtiö | traded_as = {{OMX|HEX29375|NESTE}} | fate = | predecessor = | successor = | foundation = {{Start date and age|df=yes|1948}} | founder = | defunct =  | location_city = Espoo | location_country = Finland | locations = | area_served = | key_people = Heikki Malinen (President and CEO) Matti Kähkönen (Chairman of the Board) | industry = Oil and gas industry | products = Refined oil products Renewable fuels | services = | revenue = {{increase}} €15.148 billion (2021) | operating_income = {{increase}} €2.023 billion (2021) | profit = {{increase}} €1.774 million (2021) | assets = {{increase}} €12.417 billion (2021) | equity = {{increase}} €6.985 billion (2021) | num_employees = 4,872 (2021) | owner = | divisions = | subsid = | homepage = {{url|https://www.neste.com/en|www.neste.com}} | footnotes = <ref name=AR2021>{{cite web|url=https://www.neste.com/sites/neste.com/files/attachments/corporate/investors/corporate_governance/neste_annual_report_2021.pdf|title=Neste Annual Report 2021|publisher=Neste Corporation|access-date=16 June 2022}}</ref> }}

'''Neste Oyj''' (international name: '''Neste Corporation'''; former names '''Neste Oil Corporation''' and '''Fortum Oil and Gas Oy'''; {{IPA|fi|ˈneste}}) is an oil refining and marketing company located in Espoo, Finland. It produces, refines and markets oil products, provides engineering services, and licenses production technologies. Neste has operations in 14 countries.<ref>{{Cite news |title=Neste to lead its renewable polymers and chemicals business from Germany|url=https://bioenergyinternational.com/biochemicals-materials/neste-to-lead-its-renewable-polymers-and-chemicals-business-from-germany|work = Bioenergy International | date = 2019-10-07|access-date=2020-11-19}}</ref>

Neste shares are listed on the Nasdaq Helsinki. As of 2022, the Prime Minister's Office of Finland is the largest shareholder in the company, owning 35.91% of shares.<ref name=shareholders/>

In 2021, Neste was the third largest company in Finland in terms of revenue.<ref>{{Cite web |last=Talouselämä |title=TE500 |url=https://www.talouselama.fi/te500 |access-date=2022-06-16 |website=Talouselämä |date=9 June 2022 |language=fi}}</ref>

The name "Neste" means "liquid" in Finnish.

== History == ===1948–1997 (Neste)===

Neste was founded in 1948 as the state petrol company of Finland with the purpose to ensure the availability of refined fuels in Finland. The company's headquarters was established in Espoo.<ref name=wg>{{Cite book|title=Weilin + Göösin tietosanakirja 3, "Neste Oy"|publisher=Weilin + Göös|year=1993|pages=1316}}</ref>

In 1955, Uolevi Raade became the company's CEO.<ref name=wg/> In 1957, the first oil refinery in Finland was built at Naantali using US technology.<ref name=pt>{{Cite web|title=Neste Oyj (vanha) — Osakehistoria|url=https://www.porssitieto.fi/poistuneet/neste.shtml|access-date=2020-11-23|website=www.porssitieto.fi}}</ref><ref name=yle20200914>{{Cite web|title=Yle seuraa: Neste harkitsee Naantalin jalostamon sulkemista, koska fossiilisten öljytuotteiden kysyntä laskee ja kilpailukyky ei riitä|url=https://yle.fi/uutiset/3-11542632|access-date=2020-11-23|website=Yle Uutiset|date=14 September 2020 |language=fi}}</ref><ref name="HS20160326">{{Cite news |date=2016-03-26 |title=Aikajana: Nesteen vuodet |trans-title=Timeline: Neste's years |url=https://www.hs.fi/talous/art-2000002893147.html |access-date=2020-11-19 |newspaper=Helsingin Sanomat |language=fi}}</ref> The Porvoo refinery was built in 1965 in Sköldvik (Kilpilahti).<ref name=pt/> Originally, much of the oil refined was of Soviet origin, though North Sea oil was used after the collapse of the USSR.<ref name=mtv20150927>{{Cite news|title=Öljyn pyörteissä – Nesteen tarina|trans-title=In the Swirls of Oil - The Story of Neste|url=http://franckmedia.com/oljyn-pyorteissa-nesteen-tarina-mtv-doc-su-27-9-2015-klo-14-00/|work=Frack Media|date=2015-11-03|archive-url=https://web.archive.org/web/20151103002049/http://franckmedia.com/oljyn-pyorteissa-nesteen-tarina-mtv-doc-su-27-9-2015-klo-14-00/|access-date=2020-11-19|archive-date=3 November 2015|language=fi}}</ref>

In 1971, Neste acquired half of Kesko-owned Kesoil.<ref>{{Cite news|date=1997-11-19|title=Kesoil-huoltamot muuttuvat ensi...|url=https://www.hs.fi/talous/art-2000003676214.html|access-date=2020-11-23|newspaper=Helsingin Sanomat|language=fi}}</ref><ref>{{Cite web|url=https://nakoislehti.hs.fi/f4c8a9ee-bf84-4a5b-803e-a4edd8fc50ef/15?q=|title=Jaarlin, Jatulin ja Jurmon ansiosta Neste kuljettaa 80 pros. öljystä|date=1979-08-07|access-date=2020-11-23|newspaper=Helsingin Sanomat}}</ref>

Because of the operations of Neste, the oil crisis of 1973 had little effect in Finland.<ref name="mtv20150927" />

In 1976, Finland's first skyscraper, Neste's 83.6-meter tall headquarters, was built in Keilaniemi, Espoo.<ref>{{Cite web|last=Törmänen|first=Eeva|title=Keilaniemeen nousi vuonna 1976 ensimmäinen suomalainen pilvenpiirtäjä|url=https://www.tekniikkatalous.fi/uutiset/keilaniemeen-nousi-vuonna-1976-ensimmainen-suomalainen-pilvenpiirtaja/aa69d63e-3006-4312-a886-dc6f2398ef4c|access-date=2020-11-23|website=Tekniikkatalous|date=8 June 2020 |language=fi}}</ref>

In 1980, Jaakko Ihamuotila became the CEO.<ref name=wg/>

When Finland became the Soviet Union's largest Western oil importer in 1983, executive vice president Kai Hietarinta explained by stating that "the Soviets are reliable suppliers", in light of the 1970s energy crisis.<ref name="Liston-1983">{{cite news|title=Business World: Finland buys Russian oil to maintain trade balance|last=Liston|first=Roz|date=18 September 1983|work=UPI|url=https://www.upi.com/Archives/1983/09/18/Business-WorldNEWLNFinland-buys-Russian-oil-to-maintain-trade-balance/8342432705600/|access-date=25 March 2025}}</ref> From 1980 to 1982, Soviet supply increased from 58 to 81 percent of Finnish oil imports. Hietarinta noted that importing oil was Finland's only means to reduce its trade surplus.<ref name="Liston-1983" /> Trade obligations to the Soviet Union originated with the terms of its Independence from Russia in 1917, and the Second World War reparations from the 1944 Moscow Armistice that ended the Second Soviet–Finnish War.<ref name="Liston-1983" />

Neste started its service station operations in 1983.<ref name=pt/>

Neste held a legal import monopoly until the market liberalization in the 1990s.<ref name=mtv20150927/>

In 1991, Neste became the majority owner of Finnoil. Kesoil also became a wholly owned subsidiary. In 1992, Union service stations became Neste service stations. The following year the same happened to Finnoil service stations.<ref name=HS19971119>{{Cite web|date=1997-11-19|title=Kesoil-huoltamot muuttuvat ensi...|url=https://www.hs.fi/talous/art-2000003676214.html|access-date=2020-11-23|newspaper=Helsingin Sanomat|language=fi}}</ref>

In 1994, Gasum was established with Gazprom as a minor (25%) shareholder. In 1994, Neste's polyolefin production was separated into Borealis, a joint venture with the Norwegian Statoil. In 1998, Neste's 50% stake in Borealis was sold to OMV and IPIC.<ref name=icis090198>{{cite news|title = Neste to complete Borealis sale by end Feb|publisher = ICIS|date = 9 January 1998|url = http://www.icis.com/Articles/1998/01/09/47822/neste-to-complete-borealis-sale-by-end-feb.html|access-date = 25 January 2012}}</ref>

In 1994, Neste began as the main sponsor of a competition previously known as the Finnish Rally and renamed Neste Rally Finland. In October 2020, Neste ended its 26-year title sponsorship.<ref>{{Cite web|date=2020-10-15|title=Suomen MM-ralli joutuu vaihtamaan nimensä – pääsponsori Neste teki kovan päätöksen|url=https://www.is.fi/ralli/art-2000006670262.html|access-date=2020-11-23|website=Ilta-Sanomat|language=fi}}</ref><ref>{{Cite web|title=Neste Rallissa isoimmat yllätysnimet Hayden Paddon ja Craig Breen|url=https://yle.fi/uutiset/3-10866710|access-date=2020-11-23|website=Yle Uutiset|date=8 July 2019 |language=fi}}</ref>

In November 1995, the company was listed on the main list of the Helsinki Stock Exchange.<ref name=pt/>

===1998–2005 (Neste as part of Fortum)=== thumb|270px|Neste station in Poland with its former look In 1998, Neste merged with the power company Imatran Voima Oy to create Fortum Oyj. After the merger the chemical operations of Neste were transferred to the newly established company Neste Chemicals, which was sold to the investment firm Industri Kapital for $535 million.<ref name=acs> {{cite journal| title = Neste Chemicals will go it alone|first1 = Vladimir | last1 = Alvarado | journal = Chemical & Engineering News | publisher = American Chemical Society | date = 1999 | volume = 42| issue = 77|page = 15|doi = 10.1021/cen-v077n042.p015}}</ref> In 1998, Kesoil service stations also became Neste stations.<ref name=HS19971119/>

An engineering joint venture, Neste Jacobs Oy, was established with the American Jacobs Engineering in 2004.<ref name=ce301117/> In May 2004, Fortum Oil and Gas Corporation was split into two: the company's oil business was renamed Fortum Oil Corporation and other operations renamed Fortum Heat and Gas Corporation.<ref name=pt/> Fortum Oil Corporation was a subsidiary of Fortum Corporation.<ref name=TS20050311>{{Cite web|date=2005-03-11|title=Fortumin omistajat saavat kevään jakautumisessa Neste Oilin osakkeita|url=https://www.ts.fi/uutiset/1074030714|access-date=2020-11-30|website=Turun Sanomat|language=fi}}</ref>

===2005–2014 (Neste Oil)=== thumb|Neste's logo until 1 April 2015 thumb|170px|Neste Oil gas pump In the spring of 2005, Fortum Oil Corporation was demerged from Fortum, becoming the Neste Oil Corporation.<ref name=TS20050311/>

Neste Oil Corporation was listed on the Helsinki Stock Exchange in June 2005.<ref name=TS20050311/> Risto Rinne started as Ihamuotila's successor and CEO.<ref>{{Cite web|last=Rapeli|first=Katja|title=Neste Oilin toimitusjohtaja vaihtuu|url=https://www.arvopaperi.fi/uutiset/neste-oilin-toimitusjohtaja-vaihtuu/bcc8e4c1-5b20-3d26-953b-417eafd53741|access-date=2020-11-30|website=Arvopaperi|date=4 September 2008 |language=fi}}</ref>

A renewable diesel plant, using second generation biofuels and NEXBTL technology and located at the Porvoo refinery, was brought on stream in 2007, together with a new conventional diesel production line.<ref name=gcc310507>{{Cite news|title=Neste Oil Launches NExBTL Plant, New Diesel Line at Porvoo Refinery|url=https://www.greencarcongress.com/2007/05/neste_oil_launc.html|work=Green Car Congress|date=2007-05-31|access-date=2020-12-03}}</ref> In the same year, the entire bus fleet of Helsinki Region Transport switched fully to diesel produced using NEXBTL technology. Experiments by Neste, VTT Technical Research Centre of Finland and Proventia showed that local emissions decreased significantly after the switch, with overall particle emissions decreasing by 30% and nitrogen oxide emissions by 10%, with excellent winter performance and no problems with catalytic converters.<ref>[https://web.archive.org/web/20130610160514/http://www.hsl.fi/en/abouthsl/news/2011/Pages/Page_20110210013111.aspx Biofuel reduces local emissions efficiently]. hsl.fi (2011)</ref><ref name=NOW>{{cite web |url=http://www.cleantechfinland.com/success_cases/neste_oil_/ |title=Neste Oil – working for better urban air quality |access-date=28 December 2010 |work=cleantechfinland.com |url-status=dead |archive-url=https://web.archive.org/web/20101212030206/http://www.cleantechfinland.com/success_cases/neste_oil_ |archive-date=12 December 2010 |df=dmy-all }}</ref> A second renewable diesel plant at Porvoo became operational in 2009.<ref name=gcc290709>{{Cite news|title=Neste Oil's Second Renewable Diesel Plant Commissioned at Porvoo|url=https://www.greencarcongress.com/2009/07/nexbtl-porvoo-20090729.html|work=Green Car Congress|date=2009-07-29|access-date=2020-12-03}}</ref>

In 2007, Neste started a research program on algae, but this was discontinued in 2015. In 2019, the research program restarted to investigate the production of aviation fuel from algae and municipal solid waste.<ref>{{Cite news|last=Setälä|first=Niina|title=Neste kiinnostui uudestaan levän tutkimisesta – mahdollinen lentopolttoaineiden raaka-aine|trans-title=Neste is again interested in algae research – a possible raw material for aviation fuels|url=https://www.tekniikkatalous.fi/uutiset/neste-kiinnostui-uudestaan-levan-tutkimisesta-mahdollinen-lentopolttoaineiden-raaka-aine/c7b41d5c-2445-4ba7-a93a-a3dfa5c4cb4a|newspaper=Tekniikka&Talous|date=2020-02-08|access-date=2020-11-30|language=fi|url-access=subscription}}</ref>

In 2008, Rinne retired, with Matti Lievonen succeeding him as CEO.<ref name=IS2018020902>{{Cite web|date=2018-02-09|title=Neste saa uuden toimitusjohtajan – Lievonen jää eläkkeelle|url=https://www.is.fi/taloussanomat/porssiuutiset/art-2000005558918.html|access-date=2020-11-30|website=Ilta-Sanomat|language=fi}}</ref>

<ref name="ct080311">{{cite news|title=Neste Oil Biodiesel Plant|work=Chemicals Technology|date=8 March 2011|url=https://www.chemicals-technology.com/projects/neste-oil-plant/|access-date = 23 September 2019}}</ref><ref>{{Cite web|date=2008-01-16|title=Singaporen talouskehitysyhtiö: Neste Oililla on vastuu palmuöljystä|url=https://www.hs.fi/talous/art-2000004540778.html|access-date=2020-11-30|website=Helsingin Sanomat|language=fi}}</ref>

In 2011, a plant similar in size to the Singapore plant was launched in Rotterdam, Netherlands.<ref>{{Cite web|title=Neste rakentaa biodiesellaitoksen Rotterdamiin|url=http://yle.fi/uutiset/neste_rakentaa_biodiesellaitoksen_rotterdamiin/5839297|access-date=2020-11-30|website=Yle Uutiset|date=13 June 2008 |language=fi}}</ref> Its investment costs amounted to 670 million euros.<ref>{{Cite news|last=Rapeli|first=Katja|title=Neste Oil rakentaa biodiesel-tehtaan Hollantiin|trans-title=Neste Oil builds a biodiesel plant in the Netherlands|url=https://www.arvopaperi.fi/uutiset/neste-oil-rakentaa-biodiesel-tehtaan-hollantiin/cdd4df5f-d780-3252-a8b0-ad745e32045d|date=2008-06-13|access-date=2020-11-30|work=Arvopaperi|language=fi|url-access=subscription}}</ref>

Neste and Stora Enso ran a joint venture to research the production of renewable diesel oil from wood biomass through biomass gasification and the Fischer-Tropsch process in Varkaus, Finland. However, coming second in a bid for European Investment Bank startup funding led to the cancellation of this project in 2012.<ref>{{cite web|url=http://nesteoil.com/default.asp?path=1;41;540;1259;1260;18523;19844|archive-url=https://web.archive.org/web/20121024014601/http://nesteoil.com/default.asp?path=1;41;540;1259;1260;18523;19844|archive-date=24 October 2012|title=Neste Oil and Stora Enso to end their biodiesel project and continue cooperation on other bio products|date=17 August 2012|publisher=nesteoil.com|access-date=1 June 2016}}</ref>

Neste's self-service station chain in Poland was sold to Royal Dutch Shell in April 2013.<ref>{{Cite web|title=Stacje Neste na dobre znikają z Polski. Zastąpi je Shell - już w tym tygodniu|url=https://next.gazeta.pl/Gospodarka/1,125292,14242790,Stacje_Neste_na_dobre_znikaja_z_Polski__Zastapi_je.html|access-date=2020-11-30|website=gazetapl|language=pl}}</ref>

<ref>{{Cite web|title=Biodiesel Magazine - The Latest News and Data About Biodiesel Production|url=http://www.biodieselmagazine.com/articles/9033/neste-oil-uses-tall-oil-pitch-begins-rainforest-protection-plan|access-date=2020-11-30|website=www.biodieselmagazine.com}}</ref><ref>{{Cite web|date=2013-09-20|title=Neste Oil luopuu laivoistaan|url=https://www.hs.fi/talous/art-2000002675395.html|access-date=2020-11-30|website=Helsingin Sanomat|language=fi}}</ref>

=== 2015–2019 (Neste) === thumb|Neste K petrol station In 2015 the company's name was changed from Neste Oil back to Neste to emphasize the company's focus on the renewable energy business.<ref>Leppänen, Timo. Merkilliset nimet - Tarinoita yritysten ja tuotteiden nimistä. SKS 2016.</ref><ref>{{Cite news|date=2015-02-04|title=Neste Oil aikoo palauttaa vanhan nimensä|url=https://www.is.fi/taloussanomat/porssiuutiset/art-2000001864500.html|access-date=2020-11-30|newspaper=Ilta-Sanomat|language=fi}}</ref><ref name=ksml20160329>{{Cite news|date=2016-03-29|title=Neste Oil muuttuu Nesteeksi|url=https://www.ksml.fi/paikalliset/2846453|access-date=2020-11-30|newspaper=Keskisuomalainen|language=fi}}</ref>

In 2017, Neste acquired Jacobs Engineering's 40% stake in Neste Jacobs and gained full control of the company. After the takeover, Neste Jacobs was renamed Neste Engineering Solutions Oy.<ref name=ce301117>{{cite news|title = Neste Jacobs to be renamed Neste Engineering Solutions|work = Chemical Engineering|first = Mary|last = Page Bailey|date = 30 November 2017|url = https://www.chemengonline.com/neste-jacobs-to-be-renamed-neste-engineering-solutions/|access-date = 23 September 2019}}</ref>

When CEO Lievonen retired in November 2018, he was followed by the Belgian-German Peter Vanacker.<ref name=IS2018020902/>

<ref>{{Cite news|date=2019-02-19|title=Neste jakaa uusiutuvat tuotteet kolmeen liiketoimintayksikköön|url=https://www.is.fi/taloussanomat/porssiuutiset/art-2000006006414.html|access-date=2020-11-30|newspaper=Ilta-Sanomat|language=fi}}</ref> In June, Neste and LyondellBasell announced the commercial-scale production of bio-based plastic from renewable materials.<ref name=bprm180619>{{Cite news|last=Walker|first=Tom|title=Neste and LyondellBasell announce commercial-scale production of bio-based plastic from renewable materials|url=https://www.britishplastics.co.uk/News/neste-and-lyondellbasell-announce-commercial-scale-productio/|date=2019-06-18|work=British Plastic and Rubber Magazine|access-date=2020-12-02}}</ref>

<ref>{{Cite news|title=Neste myy Venäjän-huoltoasemansa Tafneft-yhtiölle – kotimainen ketju on ollut suomalaistankkaajien suosiossa Venäjällä|url=https://yle.fi/uutiset/3-10864316|access-date=2020-11-30|work=Yle Uutiset|language=fi}}</ref><ref>{{Cite news|date=2020-11-03|title=Neste nousi yrityksistä ylivoimaisesti suurimmaksi veronmaksajaksi|url=https://www.hs.fi/talous/art-2000006820871.html|access-date=2020-11-30|newspaper=Helsingin Sanomat|language=fi}}</ref>

=== 2020– (Neste) ===

In March 2020, Neste invested in German Sunfire, a company developing high-temperature electrolysis technology.<ref>{{Cite news|last=Laatikainen|first=Tuula|title=Uusiutuva vety panee energiamarkkinat uuteen jakoon, myös Neste, Wärtsilä ja SSAB mukana – tästä on kyse|trans-title=Renewable hydrogen redistributes the energy market, including for Neste, Wärtsilä and SSAB – this is what it is about|url=https://www.tekniikkatalous.fi/uutiset/uusiutuva-vety-panee-energiamarkkinat-uuteen-jakoon-myos-neste-wartsila-ja-ssab-mukana-tasta-on-kyse/53755130-28a8-401b-97d0-15dfe60665c3|access-date=2020-11-30|newspaper=Tekniikka&Talous|language=fi|url-access=subscription}}</ref> In September, Neste sold its 49.99% stake in Nynas to Bitumina Industries, and began closure-related negotiations for the Naantali refinery.<ref>{{Cite news|last=Lehtinen|first=Jukka|title=Neste myy Nynasin osakkeensa|trans-title=Neste sells shares of Nynas|url=https://www.kauppalehti.fi/uutiset/neste-myy-nynasin-osakkeensa/13723548-b0c3-47e4-b847-9db0ccb399c3|access-date=2020-11-30|newspaper=Kauppalehti|language=fi}}</ref><ref name=AP20201015>{{Cite news|last=Tuominen|first=Jyri|title=Maailman öljyjätit rynnivät nyt pörssitähti Nesteen apajille – Toimitusjohtaja Peter Vanacker kertoo, miksi hän ei ole huolissaan|url=https://www.arvopaperi.fi/uutiset/maailman-oljyjatit-rynnivat-nyt-porssitahti-nesteen-apajille-toimitusjohtaja-peter-vanacker-kertoo-miksi-han-ei-ole-huolissaan/4b64918c-ebec-4767-8bd7-64cbcf216587|access-date=2020-11-30|work=Arvopaperi|language=fi}}</ref> The refinery was planned to close by the end of March 2021.<ref>{{Cite news|first=Nicholas | last = Woodroof|work=Hydrocarbon Engineering|date=2020-11-30|title=Neste to end refining operations at Naantali|url=https://www.hydrocarbonengineering.com/refining/30112020/neste-to-end-refining-operations-at-naantali/|access-date=2020-12-02}}</ref> As part of the cooperation, Neste produces hydrocarbons from renewable raw materials as a feedstock to manufacture phenol by Borealis. Phenol is used by Covestro to produce polycarbonate plastics, which would primarily be used for car headlights and window coatings.<ref name=bprm211020>{{Cite news|last=Nolan|first=Grace|title=Covestro receives supply of 1,000 tons of renewable phenol from Borealis|url=https://www.britishplastics.co.uk/News/covestro-receives-supply-of-1-000-tons-of-renewable-phenol-f/|date=2020-10-21|work=British Plastic and Rubber Magazine|access-date=2020-12-02}}</ref><ref>{{Cite news|last=Virtanen|first=Sofia|title=Kolmen yhtiön yhteistyön tulos: Nesteen uusiutuvista hiilivedyistä valmistui 1 000 tonnia fenolia, jota käytetään nyt polykarbonaattimuovien valmistukseen|trans-title=The result of the cooperation between the three companies: 1,000 tonnes of phenol were produced from Neste's renewable hydrocarbons, which are now used in the production of polycarbonate plastics|url=https://www.kauppalehti.fi/uutiset/kolmen-yhtion-yhteistyon-tulos-nesteen-uusiutuvista-hiilivedyista-valmistui-1-000-tonnia-fenolia-jota-kaytetaan-nyt-polykarbonaattimuovien-valmistukseen/62dbec84-0e59-4e92-9aa8-edbe4d3dcce2|access-date=2020-11-30|newspaper= Kauppalehti|language=fi|url-access=subscription}}</ref>

In December 2021, CEO Vanacker resigned to become the CEO of LyondellBasell.<ref>{{Cite web |date=2021-12-13 |title=Nimitykset {{!}} Nesteen jättävä Peter Vanacker siirtyy Lyondell Basellin toimitusjohtajaksi |url=https://www.hs.fi/talous/art-2000008471560.html |access-date=2022-06-16 |website=Helsingin Sanomat |language=fi}}</ref> Matti Lehmus became CEO in May 2022.<ref>{{Cite web |date=2022-03-23 |title=Nesteen uudeksi toimitusjohtajaksi Matti Lehmus |url=https://yle.fi/uutiset/3-12371439 |access-date=2022-06-16 |website=Yle Uutiset |language=fi}}</ref>

<ref>{{Cite web |date=2022-03-02 |title=Investoinnit {{!}} Sijoittajat riemastuivat Nesteen miljardi-investoinnista Yhdysvaltoihin – osake 15 prosentin nousussa |url=https://www.hs.fi/talous/art-2000008653117.html |access-date=2022-06-16 |website=Helsingin Sanomat |language=fi}}</ref>

==Operations== Neste's operations are divided into marketing and services, oil products, renewable aviation, renewable polymers and chemicals, and renewable road transportation units, as well as managing an operating platform.<ref name=who>{{Cite web|date=2020-05-18|title=Business|url=https://www.neste.com/about-neste/who-we-are/business|access-date=2020-11-30|website=Neste worldwide}}</ref>

===Refining=== [[File:Neste Porvoo refinery.jpg|thumb|Neste's Porvoo refinery]]

In 2022 Neste operated conventional oil refineries at Porvoo in Finland and renewable diesel refineries in Porvoo, Singapore and Rotterdam, Netherlands.<ref>{{Cite web |date=2020-05-28 |title=Tuotanto |url=https://www.neste.fi/konserni/tietoa-meista/tuotanto |access-date=2022-06-16 |website=Neste |language=fi}}</ref>

In 2015, two renewable diesel production lines in Porvoo produced 0.525 million metric tonnes of renewable diesel, which was approximately one fifth of the diesel consumption of Finland.<ref name=nestecaps>{{cite web|url=http://www.nesteoil.com/default.asp?path=1,41,537,2397,2235|title=Corporate info|date=25 February 2015|publisher=nesteoil.com|access-date=1 June 2016}}</ref><ref>{{cite news |url=https://www.hs.fi/autot/art-2000002649555.html|title=Biodieselhankkeet käynnistävät Suomessa valtavan risusavotan| trans-title = Biodiesel projects are launching a huge branch of debris in Finland | newspaper = Helsingin Sanomat | date = 2006-12-15 |access-date=1 June 2016| language = fi|url-access=subscription}}</ref><ref>{{cite web|url=http://nesteoil.com/default.asp?path=1;41;540;1259;1260;11736;12851|archive-url=https://web.archive.org/web/20101127043349/http://nesteoil.com/default.asp?path=1;41;540;1259;1260;11736;12851|archive-date=27 November 2010|title=Neste Oil's second renewable diesel plant commissioned at Porvoo|date=29 July 2009|publisher=nesteoil.com|access-date=1 June 2016}}</ref> Neste's production facility in Singapore is the largest renewable diesel refinery in the world, with an annual capacity of 1.1 million metric tonnes.<ref name=businesstimesSG>{{cite news |url=https://www.businesstimes.com.sg/companies-markets/singapore-wins-race-to-house-new-renewable-diesel-plant-of-energy-giant-neste|title=Singapore wins race to house new renewable diesel plant of energy giant Neste|first=Jacqueline|last=Woo|newspaper=Business Times|date=14 December 2017|access-date=19 August 2018}}</ref> A planned new production line is expected to increase its capacity by one million tonnes in 2022.<ref name=businesstimesSG/>

Neste's refinery feedstock includes of crude oil and renewable raw materials, such as used cooking fat, waste animal and fish fat from the food industry,<ref name=AP20201015/> waste and residues from vegetable oil production, technical corn oil, palm oil, rapeseed oil, and soybean oil.<ref name=HS20191109/> About 80% of renewable feedstock is waste and residue fats and oils.<ref name=greenair300119/> Neste also researches the use of community waste, algae, lignocellulose,<ref name=AP20201015/> and liquefied waste plastic as feedstock.<ref name=greenair300119/> In 2019, most of the crude oil used by Neste came from Russia.<ref name=HS20191109>{{Cite news|date=2019-11-09|title=Nesteellä on käsissään kultakaivos, jonka vuoksi yhtiö yrittää nyt kahmia itselleen Kiinan ravintoloiden paistorasvat|trans-title=Neste has a gold mine in its hands, which is why the company is now trying to grab the frying fats of Chinese restaurants|url=https://www.hs.fi/talous/art-2000006301703.html|newspaper=Helsingin Sanomat|access-date=2020-11-30|language=fi|url-access=subscription}}</ref>

Neste produces gasolines, diesel, aviation and marine fuels, light and heavy fuel oils, base oils, gasoline components, special fuels and solvents.<ref>{{Cite web|title=Production|date=27 April 2020|url=https://www.neste.com/about-neste/who-we-are/production|access-date=2020-12-02|publisher=Neste}}</ref><ref>{{Cite news|title=Vaihtoehtoiset polttoaineet raskaassa liikenteessä – missä mennään?|trans-title=Alternative fuels for heavy transport – where to go?|url=https://moottori.fi/ajoneuvot/jutut/vaihtoehtoiset-polttoaineet-raskaassa-liikenteessa/|access-date=2020-11-30|work=Moottori|language=fi}}</ref> LPGs, carbon dioxide, and sulfur are sold as by-products. Neste's products include dozens of types of gasoline and more than a hundred end-products.<ref name=TT20110520>{{Cite news|last=Tervola|first=Janne|title=Pura ja kasaa|trans-title=Disassemble and stack|url=https://www.tekniikkatalous.fi/uutiset/pura-ja-kasaa/aafd5d43-3636-371f-a87b-0025d5feb808|access-date=2020-11-30|newspaper=Tekniikka&Talous|language=fi|url-access=subscription}}</ref> In 2017, Neste was the world's largest producer of renewable diesel, producing 2.6 million tonnes per year.<ref>{{Cite news|first = Timo-Pekka | last = Heima |title=Uusiutuva diesel siivitti Nesteen ennätystulokseen|trans-title=Renewable diesel propelled Neste to a record result|url=https://yle.fi/uutiset/3-10062649|work=Yle Uutiset|date=2018-02-07|access-date=2020-11-30|language=fi}}</ref>

Neste has developed the proprietary NEXBTL technology for the production of renewable fuels.<ref name="TT20181212">{{Cite news |last=Mustonen |first=Antti |title=Neste tekee hurjan investoinnin Singaporeen, peräti 1,4 miljardia euroa uusiutuviin polttoaineisiin |url=https://www.tekniikkatalous.fi/uutiset/neste-tekee-hurjan-investoinnin-singaporeen-perati-1-4-miljardia-euroa-uusiutuviin-polttoaineisiin/4a1dbd18-65d7-37f7-bc07-9c44b25c94cc |url-access=subscription |access-date=2020-11-30 |newspaper=Tekniikka&Talous |language=fi}}</ref> Renewable diesel is a hydrodeoxygenated paraffinic fuel, which can be used in conventional diesel engines without engine modifications.<ref>{{cite web|url=http://2013.nesteoil.com/business/renewable-fuels/Renewable-raw-material-procurement/|title=Renewable raw material procurement|access-date=1 June 2016}}</ref>

====Aviation biofuel==== Neste's sustainable aviation fuel (SAF) is a drop-in fuel, which can be mixed with kerosene to produce a mixture that contains at least 50% kerosene.<ref name=HS20191012>{{Cite news|date=2019-10-12|title=Neste kaavailee uusiutuvalle lentopolttoaineelleen isoa roolia: yhtiö aikoo kymmenkertaistaa sen tuotannon|language=fi|trans-title=Neste plans to play a big role in renewable aviation fuel sector: the company plans to increase its production tenfold|newspaper=Helsingin Sanomat|url=https://www.hs.fi/talous/art-2000006270254.html|url-access=subscription|access-date=2020-11-30}}</ref> Among others, it is used by Lufthansa and the Swedish Air BP.<ref name=HS20191012/> In 2019, Neste produced about 100,000 tonnes of sustainable aviation fuel<ref name=HS20191012/> and plans to produce around 1.5 million tonnes per year by 2023.<ref name=AP20200923>{{Cite news|last=Lehtinen|first=Jukka|title=Neste ja Shell alkavat lisäämään uusiutuvan lentopolttoaineen tarjontaa|trans-title=Neste and Shell startg to increase their supply of renewable aviation fuel|url=https://www.arvopaperi.fi/uutiset/neste-ja-shell-alkavat-lisaamaan-uusiutuvan-lentopolttoaineen-tarjontaa/9f1e5fc5-d8f2-4d39-a9d4-9edb06cf5a5e|work=Arvopaperi|date=2020-09-23|access-date=2020-11-30|language=fi|url-access=subscription}}</ref>

===Service stations=== Neste owns a chain of service stations, which is the largest in Finland.<ref>{{cite web|url=http://www.oil.fi/en/statistics-4-service-stations/41-service-stations|title=4.1 Service stations – Finnish Petroleum and Biofuels Association|access-date=1 June 2016|archive-url=https://web.archive.org/web/20180625024456/http://www.oil.fi/en/statistics-4-service-stations/41-service-stations|archive-date=25 June 2018|url-status=dead}}</ref> In 2020, Neste had station chains consisting of more than 800 traffic and automatic stations in Finland, Estonia, Latvia and Lithuania.<ref>{{Cite web|date=2015-12-21|title=Neste-asemat – Maailman suurin suomalainen asemaverkosto|url=https://www.neste.fi/artikkeli/neste-asemat-maailman-suurin-suomalainen-asemaverkosto|access-date=2020-11-30|website=Neste|language=fi}}</ref><ref>{{Cite web|title=Neste maps|url=https://www.neste.fi/asemat|access-date=2020-11-30|website=Neste|language=fi}}</ref>

==Corporate issues== ===Shareholding=== As of 31 May 2022, the five largest shareholders of Neste were:<ref name=shareholders>{{Cite web|date=2022-05-31|title=Shareholders|url=https://www.neste.com/investors/shareholders|publisher=Neste|access-date=2022-06-16}}</ref> *Prime Minister's Office (35.91%) *Finnish Climate Fund ({{Interlanguage link|Ilmastorahasto Oy|fi|Ilmastorahasto}}) (8.31%) *Varma Mutual Pension Insurance Company (1.34%) *Ilmarinen Mutual Pension Insurance Company (1.28%) *Kela, the Social Insurance Institution of Finland (1.03%)

===Recognition=== *Neste was ranked Finland's most respected service station brand in a survey of Finnish brands carried out by Taloustutkimus and Markkinointi & Mainonta in Summer 2013.<ref>[http://www.marmai.fi/uutiset/neste%20oil%20kiilasi%20abcn%20ohi/a2216708 Neste Oil kiilasi ABC:n ohi – Markkinointi & Mainonta]. Marmai.fi. Retrieved on 9 July 2016.</ref> *In February 2014, Talouselämä magazine named Neste's NEXBTL renewable diesel as the most groundbreaking Finnish business innovation of the new millennium.<ref>{{Cite web|last=Talouselämä|title=Talouselämä valitsi! 2000-luvun mullistavin bisnesinnovaatio on...|url=https://www.talouselama.fi/uutiset/talouselama-valitsi-2000-luvun-mullistavin-bisnesinnovaatio-on/9b61c0be-6994-3afd-94e8-2506d551a0c9|access-date=2020-11-30|website=Talouselämä|date=28 February 2014 |language=fi}}</ref> *Neste was ranked the second most sustainable company in the world on the 2018 Global 100 index ranking by Corporate Knights, a financial information company.<ref name=IL20180606>{{Cite web|title=Hajuton ja näyttää vedeltä - tiedätkö, mistä kuvan diesel on valmistettu?|url=https://www.iltalehti.fi/autouutiset/a/201806052200992560|access-date=2020-11-30|website=www.iltalehti.fi|language=fi}}</ref><ref>{{Cite web|date=2021-01-26|title=Neste ranked as the world's 4th most sustainable company|url=https://www.petrolplaza.com/news/26463|access-date=2021-07-07|work=Bioenergy International}}</ref> *<ref>{{Cite web|title=Neljä suomalaisyritystä mukaan Dow Jonesin kestävän kehityksen indeksiin|url=http://yle.fi/uutiset/nelja_suomalaisyritysta_mukaan_dow_jonesin_kestavan_kehityksen_indeksiin/9156380|access-date=2020-11-30|website=Yle Uutiset|date=9 September 2016|language=fi}}</ref><ref>{{Cite web|date=2020-05-22|title=Tunnustukset ja arvioinnit|url=https://www.neste.fi/konserni/vastuullisuus/vastuullisuusraportit/tunnustukset-ja-arvioinnit|access-date=2020-11-30|website=Neste|language=fi}}</ref>

==Environmental record== ===Climate record=== Neste has a target to make its production carbon neutral by 2035.<ref name=yle20200914/>

===Palm oil=== Neste has been criticized for using palm oil and palm fatty acid distillate, a by‐product of physical refining of crude palm oil products, as a part of its feedstock for renewable products.<ref name=greenair300119>{{cite news|url=https://www.greenaironline.com/news.php?viewStory=2559|title=Neste rejects NGO claim that its renewable aviation fuel includes palm oil|date=2019-01-30|work=GreenAir|access-date=2020-12-03}}</ref><ref name=TE20190310>{{Cite news|last=Lähteenmäki|first=Pekka|title=Neste myy yhtä tuotetta monessa maassa, mutta sen lupaukset päästövähennyksistä vaihtelevat markkinoittain|trans-title=Neste sells one product in many countries, but its promises of emission reductions vary from market to market|url=https://www.talouselama.fi/uutiset/neste-myy-yhta-tuotetta-monessa-maassa-mutta-sen-lupaukset-paastovahennyksista-vaihtelevat-markkinoittain/157703a2-5a67-3c68-840c-fdcc52236f89|newspaper=Talouselämä|access-date=2020-11-30|language=fi}}</ref> Critics include of WWF,<ref name=TE20190310/> Greenpeace,<ref>{{Cite news|title=Greenpeace vaati palmuöljypannaa Neste Oilin yhtiökokouksessa|trans-title=Greenpeace demanded a palm oil ban at Neste Oil's Annual General Meeting|url=https://www.mtvuutiset.fi/artikkeli/greenpeace-vaati-palmuoljypannaa-neste-oilin-yhtiokokouksessa/2086476|date=2009-04-03|access-date=2020-11-30|work=MTV Uutiset|language=fi}}</ref> Biofuelwatch<ref name=greenair300119/> and Milieudefensie,<ref name=bms181120>{{cite news|url=https://biomarketinsights.com/neste-responds-to-allegations-on-sustainability-violations-from-its-materials-suppliers/|title=Neste responds to allegations on sustainability violations from its materials suppliers|first=Luke|last=Upton|date=2020-11-18|work=Biomarket Insight|access-date=2020-12-03}}</ref> among others.

Neste consumes 1–2% of the world's total palm oil production.<ref name=greenair300119/> In 2016, less than 20% of renewable raw materials used by Neste was crude palm oil.<ref name=gcc050417>{{Cite news|title=Neste publishes updated info about crude palm oil suppliers; feedstock for renewable diesel|url=https://www.greencarcongress.com/2017/04/20170405-neste.html|work=Green Car Congress|date=2017-04-05|access-date=2020-12-03}}</ref> Crude palm oil used by the company has been traceable to the oil palm plantation level since 2007, and has been 100% certified since 2013.<ref name=gcc050417/> However, certification does not apply to palm fatty acid distillate.<ref name=greenair300119/> Since 2016, Neste has published information about all its crude palm oil suppliers on its website.<ref name=gcc050417/>

In 2018 Biofuelwatch stated in their annual report that Neste meets EU sustainability standards for biofuels by sourcing palm oil from older plantations, commonly ones for which rainforest was destroyed before 2008. However, it cannot guarantee that all of its crude palm oil is free of effects from more recent or ongoing deforestation.<ref>{{cite news |url=https://www.biofuelwatch.org.uk/wp-content/uploads/Neste-aviation-biofuels-briefing.pdf |title=Neste: The Finnish company preparing to put palm oil in aircraft fuel tanks |work=Biofuelwatch |date=2019-01-09 |url-status=live |archive-url=https://web.archive.org/web/20190920143832/https://www.biofuelwatch.org.uk/wp-content/uploads/Neste-aviation-biofuels-briefing.pdf |archive-date=2019-09-20 |access-date=2019-09-20 }}</ref> Greenpeace has issued<ref>{{cite news |url=https://twitter.com/GreenpeaceSuomi/status/1168482755648327681 |title=It might be called #biofuel but it still contains #deforestation . Despite of all the nice #sustainability and #csr claims, Finnish Neste is one of the largest palmoil buyers, contributing to habitat loss and climate change. |work=Greenpeace |date=2019-09-02 |url-status=live |archive-url=https://web.archive.org/web/20190911163713/https://twitter.com/GreenpeaceSuomi/status/1168482755648327681 |archive-date=2019-09-11 |access-date=2019-09-20 }}</ref> similar concerns about Neste's palm oil usage after an investigation by MapHubs showed that Neste's supply chain for palm oil includes Indonesian palm mills creating the most orangutan habitat loss.<ref>{{cite news |last=Bell |first=Loren |url=https://news.mongabay.com/2019/07/orangutan-habitats-being-cleared-in-areas-near-palm-oil-mills-report-finds/ |title=Orangutan habitats being cleared in areas near palm oil mills, report finds |work=Mongabay |date=2019-07-17 |url-status=live |archive-url=https://web.archive.org/web/20190726184923/https://news.mongabay.com/2019/07/orangutan-habitats-being-cleared-in-areas-near-palm-oil-mills-report-finds/ |archive-date=2019-07-26 |access-date=2019-09-20 }}</ref><ref>{{cite news |url=https://www.maphubs.com/single-post/2019/06/18/Orangutan-Habitat-Loss-and-Palm-Mills-in-Indonesia-Our-first-Intelligence-Report |title=Orangutan Habitat Loss and Palm Mills in Indonesia: Our first Intelligence Report |work=MapHubs |date=2019-06-18 |url-status=live |archive-url=https://web.archive.org/web/20190618150951/https://www.maphubs.com/single-post/2019/06/18/Orangutan-Habitat-Loss-and-Palm-Mills-in-Indonesia-Our-first-Intelligence-Report |archive-date=2019-06-18 |access-date=2019-09-20 }}</ref>

Neste has been a target of sustained attacks, including publicity campaigns.<ref>{{cite web|url=http://www.tdg.ch/actu/economie/mauvaise-entreprise-annee-2011-04-13,|title=Tribune de Genève, l'actualité en direct, en photos et vidéos : politique, sports, people, culture, économie, média|publisher=tdg.ch|date=13 April 2011}}</ref> In January 2011, Neste won the Public Eye Awards.<ref>[http://www.hs.fi/english/article/Neste+Oil+wins+a+less+than+flattering+award+in+Davos/1135263379085 Neste Oil wins a less than flattering award in Davos]. hs.fi January 2011</ref> Neste also attempted to shut down a parody website launched by Greenpeace;<ref>Greenpeace parodiasivu suututti Neste Oilin, Nesteen mielestä Nestespoil-sivu loukkaa sen tavaramerkkiä, Greenpeace taas pitää sivun sulkemisyrityksiä sensuurina HS 22 May 2012 B10</ref><ref>[http://www.tietokone.fi/uutiset/neste_ei_sieda_kritiikkisivustoa Neste ei siedä kritiikkisivustoa, Greenpeacen Nestespoil.com yritetään sulkea] {{webarchive|url=https://web.archive.org/web/20120525075635/http://www.tietokone.fi/uutiset/neste_ei_sieda_kritiikkisivustoa |date=25 May 2012 }} Tietokone 22 May 2012</ref> however, the World Intellectual Property Organization rejected the trademark-based complaint, since the page is noncommercial, gives no economical benefit, is not misleading, and follows the guidelines of freedom of speech.<ref>Greenpeace saa käyttää Nestespoil-verkkotunnusta HS 7 August 2012 C1 {{in lang|fi}}</ref>

=== Used cooking oil === In November 2022, it was announced Neste had acquired the used cooking oil (UCO) collection and aggregation business and related assets in the US from Crimson Renewable Energy Holdings, LLC. The transaction includes shares in SeQuential Environmental Services LLC, and Pure LLC, as well as a UCO processing plant in Salem, Oregon.<ref>{{Cite web |date=2022-11-18 |title=Neste to acquire used cooking oil business from Crimson Renewable Energy |url=https://www.hydrocarbonengineering.com/clean-fuels/18112022/neste-to-acquire-used-cooking-oil-business-from-crimson-renewable-energy/ |access-date=2022-11-18 |website=Hydrocarbon Engineering |language=en}}</ref>

==See also== {{Portal|Finland|Energy}} *Energy in Finland *List of petroleum companies *Social and environmental impact of palm oil

'''[https://journeytozerostories.neste.com/ Neste Journey to Zero Stories]'''

*[https://journeytozerostories.neste.com/plastics/3-things-you-need-know-about-chemically-recycled-plastic 3 things you need to know about chemically recycled plastics] *[https://journeytozerostories.neste.com/aviation/future-aviation-covid-19-and-promise-sustainability Future of aviation, COVID-19 and the promise of sustainability] *[https://journeytozerostories.neste.com/transportation/fighting-transport-poverty-how-societies-can-increase-social-mobility Fighting transport poverty – how societies can increase social mobility]

==References== {{Reflist|30em}}

==External links== {{Wikinews|Neste Oil to build world's largest biodiesel plant in Singapore}} *{{Commons category-inline|Neste (company)|Neste}} *{{Official website|https://www.neste.com/en}}

Category:Neste Category:Oil companies of Finland Category:Automotive fuel retailers Category:Biodiesel producers Category:Palm oil Category:Companies based in Espoo Category:Energy companies established in 1948 Category:Non-renewable resource companies established in 1948 Category:Renewable resource companies established in 1948 Category:Companies listed on Nasdaq Helsinki Category:Finnish brands Category:Finnish companies established in 1948 Category:Companies in the OMX Helsinki 25