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Neste Oil Oyj (PINKSHEETS:NTOIF) Neste Oil has decided to build a new isomerization unit, costing approximately EUR 80 million, at its Porvoo refinery. The new unit will be capable of processing 600,000 t/a of existing gasoline fractions into higher-value, premium-quality gasoline, and will increase the refinery's total gasoline output by 200,000 t/a.
"The investment will enable us to use even low-grade fractions to produce low vapor pressure, high-octane gasoline, precisely the type of fuel that the market is willing to pay a premium for today," says Jorma Haavisto, Executive Vice President, Oil Refining.
Construction of the new unit will begin in 2009, and it is scheduled to come on stream at the beginning of 2011. Feedstock for the unit will come from the company's refineries at Porvoo and Naantali. Neste Oil Corporation
Osmo Kammonen Senior Vice President, Corporate Communications Further information: Jorma Haavisto, Executive Vice President, Oil Refining, tel. +358 (0)50 458 4500 Martti Ronkainen, Vice President, Porvoo refinery, tel. +358 (0)10 458 2100 Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company's strategy is based on growing both its oil refining and premium-quality renewable diesel businesses. Neste Oil's refineries are located in Porvoo and Naantali in Finland, and have a combined crude oil refining capacity of approx. 260,000 barrels a day. The company had net sales of EUR 12,103 million in 2007 and employs around 5,100 people. Neste Oil's shares are listed on the Nordic Exchange in Helsinki. www.nesteoil.com
