Neste Oil Logo

Originally from Finland, Neste Oyj is a global company known for its refining, marketing, and renewable products. Headquartered in Espoo, Finland, Neste is one of the leading producers of renewable fuels and is at the forefront of the clean aviation fuel industry. The company’s commitment to minimizing harm to the environment makes Neste a leader in sustainability.

Neste began in 1948 as Finland’s state-owned oil company, tasked with ensuring the country’s access to refined fuels. Operating from Espoo, Neste embarked on a challenging task given the country’s lack of oil industry know-how and infrastructure. A turning point in the company’s operations came in 1955 with the appointment of Uolevi Raade as CEO, who two years later oversaw the construction of Finland’s first refinery in Naantali, using American technology. In the following decade, the Porvoo refinery in Skeldvika (Kilpilahti) was built, further strengthening the company’s credibility.

In 1997, in a strategic move, Neste and Imatran Voima Oy merged to form Fortum Corporation, which debuted on the stock exchange in December 1998. The merger resulted in the formation of Neste Chemicals, which was later sold to investment company Industri Kapital for $535 million. In the same year, Kesoil gasoline stations were transferred to Neste stations. In 2004, a joint venture was formed between Neste Jacobs Oy and American Jacobs Engineering.

The separation of Fortum’s oil division in 2005 gave rise to Neste Oil Oyj. However, after a decade-long strategic shift towards renewable energy, the company returned to its original name, Neste, in 2015.

Today, Neste is a powerful player on the global energy scene, with two refineries in Finland and a network of more than 4,000 gas stations in 14 countries. In addition, Neste is a key producer of renewable diesel, clean aviation fuel, and other renewable products, confirming its commitment to a sustainable future.

Neste is steadily pursuing a sustainable development path, aiming to achieve carbon neutrality by 2035. To achieve this goal, the company is actively pursuing initiatives to reduce its environmental impact and increase the use of renewable raw materials in its product line.

In 1948, Neste became the official fuel supplier in Finland.

In 1957, Finland’s first oil refinery was built in Naantali.

In 1965, the Porvoo refinery was established.

In 1997, the merger of Neste and Imatran Voima Oy resulted in the formation of Fortum Corporation.

In 2005, Neste Oil Oyj was established as an independent company following a spin-off from Fortum’s oil division.

In 2015, Neste returned to its original name.

In 2021, Neste became the first company to produce renewable diesel fuel from waste cooking fat on an industrial scale.