(Reuters) – Finland’s Neste Oil on Tuesday said it plans to invest about 500 million euros ($631 million) to boost and integrate production at its two refineries in Finland.
Neste said it would also shut down or outsource some operations, which it expects to lead to a reduction of about 250 jobs.
“Given the substantial overcapacity that exists in the oil refining sector in Europe, we need to look at a broad range of solutions for improving our competitiveness and securing the foundation of our future operations and growth,” Neste chief executive Matti Lievonen said in a statement.
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