Stock Exchange Release
9 December 2015 at 9 (EET)
Maintenance decreases utilization rate of Neste's Porvoo refinery
Until mid-January, Neste's Porvoo refinery is expected to run with a utilization rate of about 70% due to an equipment malfunction identified in one of the refinery's cooling systems. The malfunction has already decreased the refinery's utilization rate since November.
The malfunctioning air cooler is new: it was installed in the refinery's maintenance turnaround that ended in June. Due to the direct and indirect impacts caused by the malfunction, the refinery will be back in normal production later than originally estimated, in over a month.
Neste estimates that the issue will cause a production loss of a several tens of millions of euros. A significant share of the loss will show in the result for Q4 of 2015. However, due to the high refining margins at the beginning of this quarter, the refinery's currently lower utilization rate will not have an impact on the company's outlook for 2015.
Director, Corporate Communications
Matti Lehmus, Executive Vice President, Oil Products, tel. + 358 10 458 4072
Neste in brief
Neste is a forerunner in oil refining and renewable solutions. We offer our customers cleaner traffic solutions and industrial products based on cutting-edge research. We are the leading producer of renewable diesel in the world, with an annual production volume of more than 2 million tons. We are also the world's largest producer of renewable fuels from waste and residues. Our sustainable practices have received recognition in the Dow Jones Sustainability World Index and the Global 100 list of the world's most sustainable companies. In 2014, our revenue amounted to EUR 15 billion. Neste shares are listed on NASDAQ Helsinki. Cleaner traffic, energy and life are moved forward by 5,000 professionals. Learn more at neste.com
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Source: Neste Oyj via Globenewswire
Source: Thomson Reuters ONE
(December 9, 2015 - 2:00 AM EST)
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