Neste Oil plans to invest €60m in Naantali to improve the competitiveness of the refining operations.
This is a part of Neste Oil’s effort to invest a total of €500m at its Porvoo and Naantali refineries in Finland to boost growth and optimize production.
In order to achieve better operational and cost efficiency, the company plans to closely integrate operations at the two Finnish refineries and manage them as one system.
The company intends to use €200m of funding for developing a solvent de-asphalting feedstock pre-treatment unit at Porvoo, which is slated for completion in 2017 in a bid to improve its production structure and ability to optimize its crude oil slate.
Neste Jacobs CEO Jarmo Suominen said: "Being a substantial contributor in Neste One Refinery program strengthens our position as a preferred solution provider for hydrocarbon industries very well."
Neste oil products executive vice-president Matti Lehmus said: "This is strategic investment for us and Neste Jacobs has once again proved that they are the right solution provider for us."
Earlier, Neste Jacobs conducted basic engineering for the project.
The Naantali refinery is designed to produce petroleum products including bitumen, solvents, small-engine gasoline and competition gasoline.
It has a refining capacity of 3 million tons per annum on average, while the refinery can store more than 1 million cubic meters of crude oil and petroleum products.
Image: Naantali refinery in Finland. Photo: courtesy of Neste.
