Neste Oil to make major investments in Finland, integrate the operations of its Finnish refineries, and reduce personnel - Seite 2

The project to modernize energy generation at the Porvoo refinery announced in May 2013 has been modified and the plan now is to implement the power plant investment, valued at more than EUR 250 million, through a joint venture with Veolia and Borealis. The intention is to take a final decision on the project in spring 2015; completion of the investment is scheduled for 2017.

One refinery system, five production lines

The plan is to closely integrate operations at Neste Oil's two Finnish refineries and manage them as one system, with four production lines at Porvoo and a fifth at Naantali. This will result in some of the existing units at Naantali being shut down.

Naantali will continue to produce diesel and specialty products such as solvents; and play an important role in producing feedstocks such as vacuum gasoil for use at Porvoo. Gasoline components produced at Naantali will be refined into end-products at Porvoo, and terminal capacity at Naantali used for distributing gasoline from Porvoo.

Impact of the planned changes on personnel

The structural changes being planned, and those already implemented, together with the refinery changes and new investments, will reduce Neste Oil's labor requirement. Neste Oil estimates that it will need to reduce a total of 250 employees, primarily in Finland. This number does not include possible outsourcings. Reductions will mainly affect the Group's common functions and the Oil Products business area.

The plan is to adjust the number of personnel to match the changes that have already been made, those now being planned, and future business needs - and achieve a more cost-effective and flexible structure and operations. The changes will also see some jobs transferred to different locations, while the investments will generate some new jobs.

A conference call in English for investors and analysts

A conference call in English for investors and analysts will be held today, 7 October, at 5 p.m. Finland / 3 p.m. London / 10 a.m. New York. The call-in numbers are as follows: Finland: + 358 (0) 9 6937 9543, Europe: [phone], US: [phone]  using access code 5597657. The conference call can be followed at company's web site. An instant replay of the call will be available until 13 October 2014 at [phone] for Finland, at [phone] for Europe and + 1 646 254 3363 for the US, using access code 5597657#.