Neste Oyj 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.
Neste shares are listed on the NASDAQ OMX Helsinki Stock Exchange. As of 2020, the Government of Finland is the largest shareholder in the company, owning 35.91% of shares. In 2019, Neste was the second largest company in Finland in terms of revenue.
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. At the time, there was no oil industry or related expertise in Finland, and the company had to start operations from scratch.
Neste is the leading producer of renewable diesel and sustainable aviation fuel, focused on waste and residues as raw materials when refining its renewable products.
In November 2010, Neste launched the world's largest renewable diesel plant, with an annual production capacity of 800,000 tons, in Singapore. The plant used palm oil and other renewable feedstocks as raw materials. Its investment costs were 550 million euros. Neste committed to using only sustainably produced palm oil.
Neste is a member of the Roundtable on Sustainable Palm Oil (RSPO), an organization established to promote the use of certified palm oil. The organization includes producers, environmental organizations and other NGOs, as well as large palm oil consumers such as Western energy and consumer product companies.
For the recent years, multiple types of waste and residue oils and fats have accounted for over 80% of its renewable raw material sourcing globally. In 2021, they accounted for 92%. Neste has developed a robust system to ensure its renewable products, and the raw materials it uses in its production, always meet the legal sustainability requirements set by local authorities in its markets.
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