Neste Oil will build an isomerisation unit at its Porvoo refinery in Finland, to increase production of high-octane gasoline and improve refining flexibility at the facility.
The isomerisation unit, which will be built at an estimated investment of €65mn, is expected to have a capacity of 600,000 t/a.
Neste Oil said the construction will commence in 2013, while the unit is expected to come on stream in spring 2015 and generate 60 man-years of employment.
Neste Oil executive vice president for Oil Products and Renewables division Matti Lehmus said the new unit, when completed in 2015, will help the firm refine higher volumes of premium-quality gasoline that fetch high price on export markets.
"In addition to its importance for Neste Oil, the new unit represents a major industrial investment nationally in Finland," Lehmus added.
The company initially said in 2008 that it will make the investment, however in 2009, it announced to defer the project until the market situation gets better.
Neste Oil expects that the demand for cleaner fuels, such as high-octane, low-sulfur gasoline will continue to grow in the international market.
Located in the Kilpilahti industrial area, about 30km east of Helsinki, the Porvoo refinery has four production lines and over 40 process units.