Neste Oil to expand Porvoo refinery in Finland with new isomerization unit
Neste Oil has decided to build an isomerization unit at its Porvoo refinery in Finland, the company said on Monday.
The investment, valued at 65 million, is intended to increase the output of high-octane gasoline and improve refining flexibility at the site.
"When the new isomerization unit is completed in 2015, we will be able to refine higher volumes of premium-quality gasoline that commands a higher price on export markets," said Matti Lehmus, Neste Oil's executive vice president for oil products and renewables.
"In addition to its importance for Neste Oil, the new unit represents a major industrial investment nationally in Finland," he added.
The isomerization unit will have a capacity of 600,000 tpy. Construction will begin this year, and the unit is due to come on stream in spring 2015.
The project will generate 60 man-years of employment, according to the company.
Neste Oil made its initial decision on the new Porvoo unit in 2008, but announced in 2009 that it would postpone the project until market conditions improved.
The company, however, said it now believes that demand for cleaner fuels, such as high-octane, low-sulfur gasoline, is continuing to grow globally.
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