Neste Oil is now Neste

Neste Oil is now Neste

As of June 1, Neste Oil’s official name is Neste Oyj in Finnish, Neste Abp in Swedish and Neste Corporation in English. The Annual General Meeting decided to drop the word Oil from the name on April 1, 2015. The name change reflects the company’s transformation from a traditional oil refiner to a global pioneer in renewable fuels.

neste

“We are going forward and are much more than a conventional oil refining company these days. Where others drill underground, we seek growth from feedstocks considered to be waste and residues. Renewable Products, mainly renewable fuels, accounted for 40% of our comparable operating profit in 2014, and our growth objectives are also associated with other products based on a renewable feedstock portfolio, such as biochemicals and bioplastic,” says Matti Lievonen, Neste’s CEO.

Service station network will continue as Neste Oil for the time being

The name change will not concern the company’s service stations at this time. In other words, vehicles will be refueled at stations named Neste Oil for the time being. The decision on the schedule of changing the name of the station chain will be made separately at a later time so that it can be scheduled and implemented reasonably and cost-efficiently.

Source: Neste

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