Neste Oil continued to implement its clean fuel strategy during 2011. As part of the annual strategy update, the company’s vision was revised, with the focus placed on making Neste Oil the preferred partner for cleaner traffic fuel solutions. Neste Oil’s major investment program, designed to increase the company’s capacity in both renewable diesel and high-quality base oil, was completed in 2011.
The new 800,000 t/a renewable diesel refinery in Rotterdam was completed in the summer and started up in September 2011. The final investment cost was in line with the original EUR 670 million budget.
A joint venture base oil plant in Bahrain was successfully started up in October and rapidly achieved its targeted production volumes. The plant produces premium-quality VHVI (Very High Viscosity Index) Group III base oil for use in blending top-tier lubricants. Demand for premium-quality base oil is increasing globally, as better-performing base oil is essential to meet the needs of new emission legislation and catalytic converter technologies.
Value Creation Programs
Neste Oil launched five internal Value Creation Programs in 2011 to boost the implementation of its strategy: Profitable Growth, Productivity, Renewable Feedstock, Customer Focus, and Winning Culture.