Neste Oyj (NTOIF)
- Reuters
Oil refiner Neste says CEO Matti Lehmus will be stepping down
Shares of Finland's Neste plummeted in February after the biofuels producer and oil refiner posted fourth-quarter operating profit below expectations and forecast a lower 2024 renewable products sales margin than last year's. Last November, Neste cut 400 jobs globally as it planned to save 50 million euros ($53.60 million) annually to prepare for increasing competition in renewable fuels. It also said it would merge its Renewable Aviation, Renewable Road Transportation and Renewable Polymers and Chemicals divisions into one and streamline its development portfolio.
- Reuters
Neste to supply renewable raw materials to S Korea's Lotte Chemical
Finland's Neste said on Monday it will provide renewable raw materials to Lotte Chemical's plants in South Korea in a collaboration to produce chemicals and plastics with lower emissions. The plastics and chemicals produced may be used in multiple applications, such as packaging, construction, textiles and electronics, Neste said in a press release. "We are looking forward to increasing the share of renewable solutions in collaboration with Lotte Chemical," said Jeroen Verhoeven, Neste's vice president of value chain development for renewable polymers and chemicals.
- Reuters
Workers threaten 2-day strike at Neste oil refinery in Finland
Finland's Industrial Union said on Thursday it planned two days of labour strike action at Neste's Porvoo oil refinery, likely shutting the plant's production unless the government agrees to change its proposed labour market reforms. "We hope that the suspension of oil refining will make the government realise that it cannot put the entire burden of public finances on the shoulders of workers," shop steward Sami Ryynanen at the Porvoo refinery said in a statement. A strike at Porvoo is scheduled for Feb. 1-2 of 2024, the Industrial Union said.
