Neste
Finnish energy company producing and marketing conventional oil products and renewable fuels.
Last updated August 31, 2026
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Overview
Neste is a Finnish energy company headquartered in Espoo that developed from a state-owned petroleum supplier into a major producer of renewable diesel and sustainable aviation fuel. Founded in 1948, the company was created to secure Finland's access to refined fuels. Its early development centered on conventional petroleum refining, national fuel distribution and the construction of refineries at Naantali and Porvoo. For much of its early history, Neste operated within Finland's regulated energy system and relied heavily on imported crude, including supplies from the Soviet Union and later Russia. The company expanded beyond basic refining through service stations, fuel marketing, engineering, technology licensing and chemical businesses. In 1998 it merged with Imatran Voima to form Fortum, and its oil activities subsequently operated through Fortum Oil and Gas and Fortum Oil Corporation. Neste was separated from Fortum in 2005 as Neste Oil Corporation, becoming a separately listed company. It returned to the shorter Neste name in 2015 to signal a strategic emphasis on renewable energy and lower-carbon products rather than a conventional oil identity. A major turning point was the development of NEXBTL, Neste's proprietary technology for producing high-quality renewable diesel from renewable fats and oils. Unlike biodiesel that may require blending limits or equipment considerations, Neste's paraffinic renewable diesel is designed as a drop-in fuel for existing diesel engines. Production began at Porvoo in 2007, followed by a second Porvoo line in 2009 and large-scale facilities in Singapore and Rotterdam. The business uses waste and residue feedstocks such as used cooking oil, animal fats and residues from vegetable-oil processing, while also investigating municipal waste, algae, lignocellulosic materials and liquefied waste plastics. Neste's portfolio includes renewable road fuels, sustainable aviation fuel, conventional gasoline and diesel, marine fuels, base oils, solvents, fuel components and related by-products. Its renewable products are sold to transport operators, fuel distributors, airlines and other industrial customers. The company also supplies renewable feedstocks and solutions for polymers and chemicals, including cooperation involving renewable hydrocarbons and plastics production. Its marketing and services business includes a large Finnish service-station network and stations in the Baltic states. The company's sustainability positioning has also generated controversy. Environmental organizations have criticized Neste's historical use of crude palm oil and palm fatty acid distillate as renewable-feedstock inputs, arguing that certification and traceability do not by themselves eliminate deforestation and biodiversity risks. Neste has responded by increasing disclosure of suppliers, emphasizing waste and residue feedstocks, and setting a target for carbon-neutral production by 2035. The company has also invested in technologies and acquisitions intended to broaden its feedstock base, including used-cooking-oil collection and processing in the United States. Neste remains a publicly traded Finnish company with operations spanning refining, renewable fuels, aviation, polymers and chemicals, marketing and technology. Its central strategic challenge is to grow low-carbon fuel production while maintaining reliable feedstock supply, regulatory compliance, environmental credibility and profitability across markets with differing sustainability rules.
History
Neste was established in 1948 as Finland's state petroleum company, with a mandate to secure domestic supplies of refined fuel. Its headquarters was established in Espoo. Uolevi Raade became chief executive in 1955, and Finland's first oil refinery was built at Naantali in 1957 with American technology. A second and larger refinery was constructed at Porvoo in Sköldvik, now Kilpilahti, in 1965. The business initially processed substantial volumes of Soviet crude, while North Sea crude became more important after the collapse of the Soviet Union. Neste expanded into fuel retailing and related energy activities. It acquired half of Kesoil in 1971 and began service-station operations in 1983. It held a legal monopoly over oil imports until Finland's market liberalization in the 1990s. During that decade, it increased control of Kesoil and Finnoil stations, converted Union and Finnoil locations to the Neste brand, helped establish Gasum in 1994 and separated its polyolefin activities into Borealis, a joint venture with Statoil. Neste was listed on the main list of the Helsinki Stock Exchange in 1995. In 1998 Neste merged with power producer Imatran Voima to create Fortum. Its chemical operations were transferred to Neste Chemicals and sold to Industri Kapital. The engineering business later formed Neste Jacobs with Jacobs Engineering in 2004. In the same period, Fortum Oil and Gas was divided into oil and heat-and-gas activities, leaving the oil operations inside Fortum as a distinct business. The oil business was demerged from Fortum in 2005 and became Neste Oil Corporation. The company was separately listed in June that year. Its strategic transformation accelerated through NEXBTL, a technology for producing renewable diesel from fats and oils. A first renewable diesel line opened at Porvoo in 2007 and a second in 2009. Helsinki-region public transport tested and then adopted the fuel, with reported reductions in particulate and nitrogen-oxide emissions in the cited trials. Neste expanded internationally with a Rotterdam facility in 2011 and a large Singapore refinery. A proposed wood-biomass project with Stora Enso was abandoned in 2012 after the partners did not obtain European Investment Bank start-up funding. Neste sold its Polish self-service station chain to Shell in 2013. The company changed its name from Neste Oil back to Neste in 2015, reflecting the growing importance of renewable fuels. In 2017 it bought Jacobs Engineering's remaining interest in Neste Jacobs and renamed the wholly controlled engineering business Neste Engineering Solutions. Neste also pursued renewable aviation fuel and renewable raw materials for polymers and chemicals. Its algae research program, started in 2007, was discontinued in 2015 and later restarted in a broader investigation of aviation fuel from algae and municipal solid waste. From 2020 onward, Neste pursued a portfolio of technology investments, asset restructuring and feedstock expansion. It invested in Sunfire's high-temperature electrolysis technology, sold its stake in Nynas and negotiated the closure of the Naantali refinery. Neste also developed cooperation around renewable hydrocarbons used as feedstock for phenol and polycarbonate production. In 2021, chief executive Peter Vanacker resigned to join LyondellBasell, and Matti Lehmus became Neste's chief executive in 2022. By the 2020s, Neste's activities were organized around renewable road transportation, renewable aviation, renewable polymers and chemicals, oil products, marketing and services, and an operating platform. Its conventional refinery remained at Porvoo, while renewable diesel production operated at Porvoo, Singapore and Rotterdam. The company also maintained a major service-station network in Finland and the Baltic states. Its stated long-term direction is to scale renewable and circular feedstocks and make its production carbon neutral by 2035.
- 2022
US used-cooking-oil assets acquired
[1]Neste expands feedstock collection and processing through an acquisition from Crimson Renewable Energy Holdings.
- 2017
Neste gains full control of its engineering business
[1]Neste acquires Jacobs Engineering's remaining stake in Neste Jacobs.
- 2015
Brand returns to the Neste name
[1]Neste Oil adopts the shorter Neste name to highlight renewable energy activities.
- 2011
Rotterdam renewable refinery starts
[1]Neste commissions a large renewable diesel facility in Rotterdam.
- 2007
First NEXBTL renewable diesel line opens
[1]Neste begins commercial production of its drop-in renewable diesel at Porvoo.
- 2005
Neste Oil is demerged from Fortum
[1]The oil business becomes Neste Oil Corporation and is separately listed.
- 1998
Neste becomes part of Fortum
[1]Neste merges with Imatran Voima to create Fortum.
- 1995
Neste lists on the Helsinki exchange
[1]The company becomes publicly traded on the main list of the Helsinki Stock Exchange.
- 1983
Service-station operations begin
[1]Neste enters branded fuel retailing in Finland.
- 1965
Porvoo refinery is built
[1]Neste establishes a major refinery at Sköldvik, now known as Kilpilahti, near Porvoo.
Products and positioning
Renewable-fuels and lower-carbon refining specialist
Renewable road fuel · 2007
Neste Renewable Diesel
Neste's renewable diesel is produced with NEXBTL technology from renewable fats and oils, including waste and residue feedstocks. It is a hydrotreated, paraffinic fuel intended for use in existing diesel engines without modifications and can be used either as a direct replacement or within applicable fuel blends. The product is marketed to transport operators, distributors and other commercial users seeking lower lifecycle emissions than conventional fossil diesel.
Sustainable aviation fuel
Neste Sustainable Aviation Fuel
Neste's sustainable aviation fuel is a renewable aviation-fuel component designed as a drop-in alternative that can be blended with conventional kerosene under applicable aviation standards. It is produced from renewable waste and residue feedstocks and supplied through airline, airport and aviation-fuel partners. The product is positioned to help aviation customers reduce lifecycle greenhouse-gas emissions while using existing aircraft and fuel infrastructure.
Conventional refined fuels
Neste Oil Products
The oil-products portfolio includes gasoline, diesel, aviation and marine fuels, light and heavy fuel oils, base oils, gasoline components, special fuels and solvents. These products are manufactured through Neste's conventional refining operations and are sold through wholesale, industrial, aviation, marine and retail channels. Refining also produces marketable by-products such as liquefied petroleum gas, sulfur and carbon dioxide.
Industrial renewable feedstocks · 2018
Renewable polymers and chemicals feedstocks
Neste supplies renewable hydrocarbons and related feedstock solutions for polymers and chemical applications. The business supports the substitution of fossil raw materials in products such as plastics and chemical intermediates. One reported cooperation involved renewable hydrocarbons used to make phenol, which can in turn be used in polycarbonate applications such as vehicle lighting and coatings.
Controversies
2011
Palm-oil and deforestation criticism
WWF, Greenpeace, Biofuelwatch, Milieudefensie and other groups criticized Neste's use of crude palm oil and palm fatty acid distillate in renewable products. Critics argued that certification and traceability did not fully address deforestation, biodiversity loss and orangutan-habitat impacts. Neste reported that most renewable feedstock was waste or residue material and disclosed suppliers of its crude palm oil, but palm-derived inputs remained a continuing environmental controversy.
2011
Greenpeace parody-site trademark dispute
Neste sought action against a Greenpeace parody website using the Neste name in an environmental campaign. The World Intellectual Property Organization rejected the trademark complaint, finding that the noncommercial site was not misleading and fell within applicable free-expression principles.
Marketing campaigns
- 2011Public Eye campaign and award controversy
International
Environmental campaigners targeted Neste over its use of palm-derived feedstocks and its claims around renewable fuels. Neste received the Public Eye Award in 2011, reflecting criticism of the environmental and social consequences associated with palm-oil supply chains.
Outcome. The dispute contributed to continuing scrutiny of Neste's feedstock sourcing and sustainability disclosures.
- 1994Neste Rally Finland title sponsorship
Finland
Neste became the main sponsor of the Finnish Rally, which was renamed Neste Rally Finland. The sponsorship connected the company with motorsport, mobility and Finnish national identity for more than two decades.
Outcome. Title sponsorship ended in 2020.
Brand decisions
2022
Acquire US used-cooking-oil collection assetsM&ABackground
Growing renewable-fuel production required more secure access to waste-based feedstocks and collection infrastructure.
Action taken
Neste announced the acquisition of Crimson Renewable Energy Holdings' US used-cooking-oil collection and aggregation business and related assets, including interests in SeQuential Environmental Services and Pure and a processing plant in Salem, Oregon.
Aftermath
The transaction strengthened Neste's vertical access to used cooking oil, an important renewable feedstock.
2020
Restructure refining and downstream holdingsStrategyBackground
Neste reviewed its conventional refining footprint and ownership positions while concentrating investment on renewable fuels and related technologies.
Action taken
The company sold its 49.99% interest in Nynas to Bitumina Industries and began negotiations related to closing the Naantali refinery.
Aftermath
The restructuring reduced exposure to selected conventional assets and supported a more focused renewable-energy strategy.
2015
Rebrand from Neste Oil to NesteStrategyBackground
Management sought to reflect the company's transition from a conventional oil identity toward renewable fuels and other lower-carbon businesses.
Action taken
The legal and commercial name was changed from Neste Oil Corporation to Neste.
Aftermath
The Neste brand became associated primarily with renewable diesel, sustainable aviation fuel and renewable feedstock solutions while retaining conventional oil-products operations.
Recent events
Neste announces logistics electric-vehicle charging service[4]
Neste announced that it would introduce its first dedicated electric-vehicle charging service for logistics companies in Finland in February 2022.
Turkish Airlines begins using sustainable aviation fuel[5]
Reported:
Turkish Airlines began using sustainable aviation fuel on flights, with its first flight using the fuel departing Istanbul for Paris. The fuel was sourced from Neste and was planned for use one day a week on the chosen route.
Neste agrees to acquire Agri Trading[6]
Reported:
Neste agreed to acquire 100% of Agri Trading, a U.S.-based trader of renewable waste and residue fats and oils.
IAG Cargo completes first sustainable aviation fuel charter chain[7]
Reported:
IAG Cargo completed its first sustainable aviation fuel charter chain of 16 flights from Stuttgart to Atlanta, working with Kuehne+Nagel and sourcing Neste-produced fuel. The final flight left Stuttgart on June 26.
- Unconfirmed
Neste acquires minority stake in Alterra Energy[8]
Reported:
Neste announced that it had acquired a minority stake in Alterra Energy. The article says Neste’s investment supports Alterra Energy’s expansion.
Neste and Alterra Energy collaborate on recycling technology[8]
Reported:
Neste and Alterra Energy announced a collaboration covering joint technology development and global technology licensing to commercialize Alterra’s thermochemical liquefaction technology in Europe.
Neste agrees to acquire Bunge Loders Croklaan’s Rotterdam refinery[9]
Reported:
Neste agreed to acquire Bunge Loders Croklaan’s refinery in Rotterdam for €258 million. The transition is planned in phases, with the refinery’s full pretreatment capacity expected to be available for Neste’s feedstock by the end of 2024.
Neste announces planned refinery restructuring in Finland[10]
Reported:
Neste announced plans to explore shutting down refinery operations at Naantali and refocusing that site on terminal and harbour operations, while transforming Porvoo refinery operations to co-process renewable and circular raw materials. The plans could result in up to 470 redundancies.
Neste opens RFID-enabled Easy Deli store in Helsinki[11]
Reported:
Neste opened a fully automated Easy Deli self-service convenience store using RFID technology in central Helsinki, Finland.
TechnipFMC and Neste establish a partnership for future NEXBTL projects[12]
TechnipFMC and Neste announced a partnership under which TechnipFMC will provide Front End Loading services for future Neste NEXBTL projects and participate in their execution phases.
Showing the 10 most recent.
Sources16 sources
- 1Nesteen.wikipedia.org
- 2Neste official websiteneste.com
- 3Neste annual reports and investor informationneste.com
- 4Neste宣布推出物流电动汽车充电服务hydrocarbonprocessing.com
- 5土耳其航空开始使用可持续航空燃料aa.com.tr
- 6Neste 同意收购 Agri Tradingbiofuels-news.com
- 7IAG Cargo完成首个可持续航空燃料包机链biofuels-news.com
- 8Neste收购Alterra Energy少数股权biofuels-news.com
- 9Neste同意收购Bunge Loders Croklaan的鹿特丹炼油厂biofuels-news.com
- 10Neste宣布计划重组芬兰炼油业务biofuels-news.com
- 11Neste 在赫尔辛基开设 RFID 自助 Easy Deli 门店news.europawire.eu
- 12TechnipFMC与Neste建立合作伙伴关系，支持未来NEXBTL项目hydrocarbonprocessing.com
- 13芬兰航空与耐思特合作增加可持续航空燃料使用biofuels-news.com
- 14Neste与KLM合作供应可持续航空燃料stattimes.com
- 15Neste与汉莎航空加强可持续航空燃料合作biofuels-news.com
- 16Finnair unveils plans to achieve carbon neutrality by 2045airport-technology.com
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