Overview
Neste (Neste Corporation) is a global leader in renewable and circular solutions, transforming waste, residues, and innovative raw materials into renewable fuels and sustainable feedstocks for the polymers and chemicals industry. Founded in 1948 and headquartered in Espoo, Finland, the company has evolved from a traditional oil refiner into one of the world’s most sustainable energy companies.
With revenue of approximately €23 billion (2024) and over 5,000 employees, Neste operates refineries in Porvoo (Finland), Rotterdam (Netherlands), Singapore, and Martinez (California, USA). The company’s NEXBTL technology platform enables flexible processing of diverse renewable raw materials — from used cooking oil and animal fats to vegetable oils and waste plastics.
Chemical Recycling Leadership
Porvoo Refinery — World’s Largest LWP Upgrading Facility (March 2026)
In March 2026, Neste commissioned a €111 million upgrading facility for liquefied waste plastic (LWP) at its Porvoo refinery — the world’s largest by capacity. This facility marks a major milestone in the industrial scale-up of chemical recycling.
| Parameter | Value |
|---|---|
| Location | Porvoo, Finland |
| Investment | €111 million |
| Capacity | Largest LWP upgrading facility globally |
| Feedstock | Liquefied waste plastic (pyrolysis oil) from chemical recycling |
| Output | High-quality renewable feedstock for steam crackers |
| Status | Commissioned March 2026, gradual ramp-up through 2026 |
| Technology | Proprietary upgrading/hydroprocessing |
The facility processes pyrolysis oil (also called liquefied waste plastic or LWP) from chemical recycling operators like Alterra, upgrading it into renewable naphtha and other drop-in feedstocks that can directly replace fossil-based inputs in petrochemical steam crackers — producing new plastics with identical properties to virgin materials.
Neste’s Chemical Recycling Value Chain
Plastic Waste → Chemical Recycling (Pyrolysis/Liquefaction) → LWP/Pyrolysis Oil
↓
Neste Porvoo Upgrading → Renewable Naphtha/Feedstocks
↓
Steam Crackers → Monomers → New Plastics (virgin-quality)
This circular value chain enables:
- Hard-to-recycle plastics to re-enter the value chain
- Drop-in replacement for fossil feedstocks in existing infrastructure
- Mass-balance certified circular polymers (ISCC PLUS)
- Reduced dependency on crude oil
Renewable Products Portfolio
Transportation
- Neste MY Renewable Diesel™ (NEXBTL) — 100% renewable, drop-in replacement for fossil diesel, up to 90% GHG reduction
- Neste Renewable Propane — for heating, transport, and industrial use
Aviation
- Neste MY Sustainable Aviation Fuel™ (SAF) — up to 80% GHG reduction, certified for commercial aviation (ASTM D7566)
- Supplied to major airlines and airports globally
Polymers & Chemicals
- Neste RE™ — Renewable and recycled feedstock for polymers and chemicals
- Renewable naphtha — Drop-in steam cracker feedstock from 100% renewable raw materials
- Circular feedstocks — From chemically recycled plastic waste (LWP upgrading)
Strategic Partnerships
Nerea™ — Standardized Modular Chemical Recycling (June 2026)
With Technip Energies and Alterra, Neste launched Nerea™ — a standardized modular solution combining:
- Alterra’s thermochemical liquefaction technology
- Neste’s Porvoo upgrading expertise
- Technip Energies’ modular engineering and project delivery
Other Key Collaborations
- LyondellBasell: Long-term partnership for renewable and circular polymers
- Borealis: Renewable feedstock supply for polyolefin production
- Covestro: Circular polycarbonates from chemically recycled feedstocks
- IKEA, Unilever, Toyota, Mercedes-Benz: End-user partnerships for renewable materials
Production Capacity & Investments
| Site | Capacity | Focus |
|---|---|---|
| Porvoo, Finland | ~2.6 Mton/year renewable products | LWP upgrading, renewable diesel, SAF, naphtha |
| Rotterdam, Netherlands | ~1.4 Mton/year | Renewable diesel, SAF, renewable naphtha |
| Singapore | ~1.3 Mton/year (expanding to 2.6) | Renewable diesel, SAF |
| Martinez, California | Renewable diesel, SAF | North American market |
Total renewable product capacity: ~5.5 Mton/year (growing to ~7 Mton+ with Singapore expansion)
Sustainability Targets
- 2030: Help customers reduce GHG emissions by 20 million tonnes CO₂e annually
- 2035: Carbon neutral production (Scope 1 & 2)
- Circularity: Process over 1 million tonnes of waste plastic annually by 2030
- Biodiversity: No deforestation, responsible sourcing (NDPE policies)
Financial Overview (2024)
| Metric | Value |
|---|---|
| Revenue | ~€23 billion |
| Comparable EBITDA | ~€2.5 billion |
| Renewable products share | ~80% of comparable EBITDA |
| R&D expenditure | ~€100 million/year |
| Credit rating | BBB+ (S&P), Baa1 (Moody’s) |
Related News
- Technip Energies, Alterra and Neste Launch Nerea™ — Standardized Modular Solution for Plastic Chemical Recycling
Related Terms
- Chemical Recycling — Industry category
- Liquefied Waste Plastic (LWP) — Feedstock Neste upgrades
- Pyrolysis Oil — Primary LWP form
- Thermochemical Liquefaction — Upstream technology
- Sustainable Aviation Fuel (SAF) — Neste’s flagship aviation product
- NEXBTL — Neste’s renewable technology platform
- Mass Balance — Certification approach for circular feedstocks
Last updated: July 3, 2026