Finland-based Neste Oil has announced that it will shut down its operations at the Laajasalo lubricants plant in Helsinki in a couple of years' time, as the landowner, the city of Helsinki, has decided to terminate the company's lease at the end of 2010.

The termination of the lease is a part of landowner’s plans to rezone the area for residential use.

As a result of the impending closure, Neste Oil has decided to start statutory negotiation procedures with production, warehouse, maintenance and product management staff on September 5, 2007. Negotiations will cover a total of 45 employees, and are expected to be completed by mid-October at the latest.