31 Facts About Neste

Neste Oyj is an oil refining and marketing company located in Espoo, Finland.

Neste shares are listed on the NASDAQ OMX Helsinki Stock Exchange.

In 2021, Neste was the third 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.

Neste held a legal import monopoly until the market liberalization in the 1990s.

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Neste had built several chemical plants around Europe, but as the prices of oil and chemical products plummeted, Neste decided to sell off its chemical industry operations.

In 1994, Neste's polyolefin production was separated into Borealis, a joint venture with the Norwegian Statoil.

In 1994, Neste began as the main sponsor of a competition previously known as the Finnish Rally and renamed Neste Rally Finland.

In 1998, Neste merged with the power company Imatran Voima Oy to create Fortum Oyj.

In 2007, Neste started a research program on algae, but this was discontinued in 2015.

Neste is a member of the Roundtable on Sustainable Palm Oil, an organization established to promote the use of certified palm oil.

Neste Oil kept three tankers as well as ships owned on a fifty-fifty basis with Swedish company Stena, which it intends to sell later.

The Neste chain included nearly 800 stations in Finland, as well as 258 stations in the Baltics and several in the Saint Petersburg region in Russia.

In February 2019, Neste reported that as of May, it would divide its renewable products business area into three business units and one operating platform, namely Renewable Aviation, Renewable Polymers and Chemicals, Renewable Road Transportation, and Renewables Platform .

In March 2020, Neste made an investment in the German Sunfire company, which develops high-temperature electrolysis technology.

Neste's aim was to keep its terminal and port operations in Naantali and focus refinery operations in Porvoo.

In March 2022, Neste and US-based Marathon Petroleum announced they would form a joint venture in which each will hold half of the shares.

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.

In 2022 Neste operated conventional oil refineries at Porvoo in Finland and renewable diesel refineries in Porvoo, Singapore and Rotterdam, Netherlands.

Neste produces gasolines, diesel, aviation and marine fuels, light and heavy fuel oils, base oils, gasoline components, special fuels and solvents.

Neste's products include dozens of types of gasoline and more than a hundred end-products.

In 2017, Neste was the world's largest producer of renewable diesel, producing 2.

Neste has developed the proprietary NEXBTL technology for the production of renewable fuels.

Neste owns a chain of service stations, which is the largest in Finland.

In 2020, Neste had station chains consisting of more than 800 traffic and automatic stations in Finland, Estonia, Latvia and Lithuania.

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Neste has a target to make its production carbon neutral by 2035.

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.

Since 2016, Neste has published information about all its crude palm oil suppliers on its website.

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.

Neste has been a target of sustained attacks, including publicity campaigns.

Neste attempted to shut down a parody website launched by Greenpeace; 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.