Neste divests Russian business as it continues to focus on renewable fuel and product growth

July 09, 2019
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Neste announced it will sell off its fuel retail busines in Russia, which includes 75 fueling stations and a terminal in St. Petersburg. This is another major move by the company to position itself as a global leader in the bioproducts industry. While there are no signs of a full divestment of its conventional refinery businesses located in Finland, Neste plans to focus on supplying the domestic market with its renewable diesel, as Finland is set for a 10% advanced biofuel mandate by 2030. The company has made significant strides in its bioproducts business in 2019, including announcing plans to double its Singapore refinery capacity and bringing its renewable feedstock to commercial scale in the chemicals industry. 

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