Neste Oil’s Board of Directors will propose to the Annual General Meeting (AGM) that the company’s name be changed to Neste Corporation. The change would communicate the changes in the company’s business and the company’s seeking of growth from products other than conventional oil products. Products based on renewable raw materials have become an increasingly important part of the company’s business. The proposal for the name change will be processed as an amendment of the Articles of Association during the AGM of Neste Oil on 1 April 2015.
“We are much more than a conventional oil refining company these days. In recent years, our company has mostly grown through the production of renewable fuels as we have become the largest producer of renewable diesel in the world. Our aim is to grow also as a producer of other products based on renewable raw materials, such as various bio-based chemical products. The word ‘oil’ refers to fossil crude oil and no longer gives a correct overall idea of our company, which is why the Board of Directors proposes the name change. The company has also gone by the name Neste before, and, in the future, this name would both be a nod to our history and would reflect the change in our business”, President & CEO Matti Lievonen says.
“Renewable Products accounted for 40% of the company’s comparable operating profit in 2014. We are a pioneer in building a business based on renewable raw materials, commercializing that business and being profitable. Also, an increasing part of our renewable raw materials are waste or residue; in 2014, these accounted for 62% of the renewable raw materials we used.”
In the company’s retail station network in Finland, Estonia, Latvia, Lithuania and St Petersburg the current Neste Oil brand will remain for the time being.
Neste Oil was formed ten years ago when it demerged from Fortum, one of whose two founding parties it was in 1998-2005. Before that time, it had operated under the name Neste for 50 years.
Source: Neste Oil Corporation