Neste Oil

Neste Corporation

Type	Julkinen osakeyhtiö (public company)
Traded as	Nasdaq Helsinki: NESTE
Industry	Oil and gas industry
Founded	1948; 69 years ago (1948)
Headquarters	Espoo, Finland
Key people	Matti Lievonen (President and CEO) Jorma Eloranta (Chairman of the Board)
Products	Refined oil products Renewable fuels
Revenue	€15.011 billion (2014)
Operating income	€150 million (2014)
Net income	€60 million (2014)
Total assets	€6.494 billion (2014)
Total equity	€2.659 billion (2014)
Number of employees	4,989 (2014)
Website	www.neste.com

Neste Corporation (Finnish: Neste Oyj, until 1 July 2015 Neste Oil Corporation) is an oil refining and marketing company located in Espoo, Finland. It produces, refines and markets oil products and provides engineering services, as well as licensing production technologies. Neste has operations in 14 countries.

Neste has petroleum refineries, at Porvoo and Naantali in Finland, and two renewable diesel refineries, in Singapore and in Rotterdam, Netherlands. The Porvoo site also produces renewable diesel. In addition to its own refineries, Neste has stakes in a base oil plant in Bahrain and in Nynas AB, which produces naphthenic oil and bitumen.

Neste shares are quoted on the . The company's market value in the end of 2013 was €3.7 billion. Neste's revenue was about €17.5 billion in 2013.

Neste was established in 1948 as the state petrol company of Finland, to ensure the availability of refined fuels. This entailed the building of refineries and developing the necessary technology. The refineries were built using American technology, which the U.S. government was first reluctant to provide, because many American oil companies would be competitors. After lobbying by the contractor Lummus, they relented, mainly due to the threat of the contract being handed to the Soviet Union. In practice, much of the oil refined was of Soviet origin, although after the collapse of the Soviet Union, North Sea oil was used. Thanks to Neste, the oil crisis of 1973 had little effect in Finland. It held a legal import monopoly until the market liberalisation in the 1990s. The oil transport infrastructure in Finland was built and is owned by Neste, and thus petrol stations usually obtain fuels from Neste, although the monopoly is no longer government-sanctioned. In the 1970s, Neste introduced petrochemical and plastics production and natural gas to Finland. In 1994, Gasum was established with Gazprom as the minor (25%) shareholder. In 1994, polyolefin production was separated into Borealis, a joint venture with the Norwegian Statoil. In 1998, Neste's 50% stake in Borealis was sold to OMV and IPIC.