Neste Oil Corporation
7 September 2010 at 2.15 pm (EET)
Neste Oil and Raisio made an agreement on the use of domestic rapeseed oil surplus as raw material for renewable diesel
Neste Oil and Raisio have agreed on long-term cooperation regarding the utilisation of Raisio's rapeseed oil surplus as a renewable diesel raw material of Neste Oil. According to the agreement, starting from October 2010 Neste Oil will use all the rapeseed oil generated as a by-product in Raisio's feed protein production that has no market in the food chain.
With this agreement, rapeseed oil produced in Finland will become a remarkable raw material source in the renewable diesel production of the Porvoo refinery.
"We are pleased that the proportion of domestic raw material will grow at the Porvoo refinery. Until now, we have used practically all domestic waste animal fat sourced from food industry at our NExBTL plants. We have also used rapeseed earlier, but this agreement enables us to use it even more", says Jarmo Honkamaa, Deputy CEO of Neste Oil and Executive Vice President in its Renewable Fuels business area.
The agreement is also extremely important from the perspective of the Finnish food chain. For its part, it enables the development of Finnish feed protein production and the strengthening of protein self-sufficiency. More extensive cultivation opportunities of oil plants will bring a significant addition to the diversity of field cultivation and strengthen the security of supply in Finland.
"This cooperation agreement with Neste Oil will open new opportunities for Raisio to stabilise and develop the feed protein business together with our contract farmers and plant processing partners", says the CEO Matti Rihko.
Neste Oil Corporation
Director, Corporate Communications
Jarmo Honkamaa, Deputy CEO and Executive Vice President, Renewable Fuels, Neste Oil, tel. +358 10 458 4758
Matti Rihko, CEO, Raisio, tel. +358 400 727 830
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company is the world's leading supplier of renewable diesel. Neste Oil's refineries are located in Porvoo and Naantali and have a combined crude oil refining capacity of approx. 260,000 barrels a day. The company had net sales of EUR 9.6 billion in 2009 and employs around 5,100 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.
Neste Oil has been selected into the Dow Jones Sustainability World Index and awarded 'Best in Class' recognition for its social accountability by Storebrand. The company is also featured in the Ethibel Pioneer Investment Register and included in Innovest's Global 100 list of the world's most sustainable corporations. Forest Footprint Disclosure (FFD) has ranked Neste Oil as the best performer in the oil & gas sector. Further information: www.nesteoil.com.
NExBTL renewable diesel in brief
Neste Oil's NExBTL renewable diesel is compatible with all diesel engines and can be used as such or blended with fossil diesel. It has an identical chemical composition to that of fossil diesel and offers equally good or superior product properties. NExBTL renewable diesel has been tested extensively and successfully in trucks, buses, and cars around the world. Neste Oil supplies the Finnish market with Neste Green diesel, which contains a minimum of 10% renewable content.