In March 2020, Neste announced its intention to increase renewable products production capacity in Europe. The company concluded a thorough study phase on two possible locations, Porvoo, Finland and Rotterdam, the Netherlands, in which both Neste has existing sites.
Based on the study phase, Neste selected Rotterdam as the location due to the overall costs of the investment being significantly lower in Rotterdam. With this decision, the company seeks to ensure their future competitiveness and renewables’ growth strategy execution, according to Peter Vanacker, President and CEO of Neste.
The company aims to create readiness for a final investment decision by the Board of Directors towards the end of 2021 or early 2022. Neste also emphasizes that despite selecting Rotterdam as the new location, they are still significantly investing in Finland, particularly to the Porvoo site, and Finland continues to be the company’s Research, Development and Innovation hub.