Neste Oyj (NTOIF)
- Reuters
Shares of Finland's Neste fall 14% on profit warning
STOCKHOLM (Reuters) -Shares of Finland's Neste fell 14% on Wednesday after the refiner warned that its comparable sales margin for renewable products will be weaker this year than previously forecast. The biofuels producer and oil refiner said in a statement late on Tuesday it now sees the margin at $480–$650 per ton, down from a previous guidance of $600–$800 per ton. The rest of the guidance for the Renewable Products unit as well as the guidance for its Oil Products division remained unchanged.
- 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.
