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Neste of Finland to Shut in Naantali Refinery Next Year

12/2/2020

Neste of Finland recently announced that it was planning to shut down the refinery operations at its Naantali facility by April 2021. This decision was made due to the pandemic driven decline in demand.

This plan was announced in September, and Neste’s confirmation of the Q1 closure date was made in a late November statement. Neste added that "The Covid-19 pandemic has accelerated the decline in demand for oil products, which is not expected to recover to previous levels," and that "Fundamental changes are therefore required to secure the competitiveness of Neste's oil products business."

The Naantali refinery has a refining capacity of 58,000 barrels per day, but early next year the focus will turn to Naantali’s harbor and terminal operations as part of Neste’s restructuring plan. The next stage of this plan includes Neste’s 200,000 barrel per day Porvoo refinery, which will be converted for the co-processing of crude oil and renewable feedstocks moving forward.