UPDATE 1-Finland’s Neste to cut up to 470 jobs

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Sept 14 (Reuters) – Finnish biofuel producer and oil refiner
Neste plans to cut up to 470 jobs in Finland to seek
50 million euros ($59 million) of savings due to declining
demand for fossil oil products, it said on Monday.

« The company is exploring the shutdown of its refinery
operations in Naantali and focusing the Naantali site on the
terminal and harbour operations, as well as transforming the
Porvoo refinery operations to co-processing renewable and
circular raw materials, » it said in a statement.

Neste, which has invested heavily in renewables, said in
July it had delayed the expansion of its Singapore refinery from
the middle of 2022 to the first quarter of 2023, citing the
COVID-19 pandemic.

Neste said it continued to believe renewable energy
solutions would grow in the coming years, but that the COVID-19
pandemic had substantially accelerated the decline in demand for
fossil oil products, with no recovery in sight.

« The energy transition is proceeding faster than expected, »
Neste said, adding necessary investments into its Naantali
refinery were no longer viable due to large over-capacity for
oil refining globally.

The final number of jobs to be cut will be defined in
statutory cooperation negotiations with employees, Neste said.
(Reporting by Anne Kauranen, editing by Louise Heavens and Mark
Potter)

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Source: https://www.agriculture.com/markets/newswire/update-1-finlands-neste-to-cut-up-to-470-jobs

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Actu monde – FI – UPDATE 1-Finland’s Neste to cut up to 470 jobs