Neste Shuts Process Units in Preparations for Major Turnaround at Porvoo — OPIS
Neste's preparations for a major turnaround at its Porvoo refinery began Monday with shutdowns of process units, the Finnish renewable fuels and feedstock producer said Tuesday.
"After the refinery shutdown is completed, the actual turnaround works will begin in mid-April and are expected to continue until mid-May," the company stated.
The turnaround is expected to last for approximately nine weeks.
During the turnaround, the refinery will be shut down for statutory inspections, maintenance works and "asset improvement initiatives," according to Neste.
"In addition, the turnaround will contribute to Neste's ambition to make the Porvoo refinery the most sustainable refinery in Europe by 2030 and to reach carbon-neutral production by 2035," the company said.
The turnaround does not affect Neste's harbor and distribution terminal operations, it said.
The company was able to shorten the duration of the turnaround compared with previous ones in Porvoo, according to Neste.
The company last month said that it has completed the reorganization of its renewable products business, merging three units into one and cutting some 400 jobs across its global workforce in a move that is expected to result in annual cost savings of approximately €50 million ($55 million).
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Michael Schneider, mschneider@opisnet.com; Editing by Jordan Godwin, jgodwin@opisnet.com
(END) Dow Jones Newswires
April 02, 2024 12:22 ET (16:22 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks