Neste Oil to merge two business areas
As refining and marketing company Neste Oil’s renewable fuels business enters a new phase following two major investment projects, the company has decided to merge its Oil Products and Renewable Fuels business areas.
Neste Oil’s financial reporting will remain unchanged and Oil Products and Renewable Fuels will continue to form separate reporting segments.
Currently the executive VP of Oil Products, Matti Lehmus has been appointed executive VP, Oil Products and Renewables, when the change takes effect from 20 December.
‘The reorganisation will bring us greater operational efficiency and clear synergy benefits, which is very much in line with our strategy,’ said Lehmus. ‘By integrating the businesses, we want to ensure cost efficiency and transparency, and ensure that we make the best use of our know-how and resources.’
‘In addition, the change will enable is to serve our customers more effectively by giving them one clear point of contact at Neste Oil,’ added president and CEO of Neste Oil Matti Lievonen.
Neste Oil has recently commissioned the world’s largest renewable diesel plant in Singapore and is moving towards completion of a similar-sized plant in Rotterdam, due to come on stream at the end of the first half of 2011. Completion of these projects means that renewable fuels-related activities will shift into a normal business model.
Source: Neste Oil
Neste Oil’s financial reporting will remain unchanged and Oil Products and Renewable Fuels will continue to form separate reporting segments.
Currently the executive VP of Oil Products, Matti Lehmus has been appointed executive VP, Oil Products and Renewables, when the change takes effect from 20 December.
‘The reorganisation will bring us greater operational efficiency and clear synergy benefits, which is very much in line with our strategy,’ said Lehmus. ‘By integrating the businesses, we want to ensure cost efficiency and transparency, and ensure that we make the best use of our know-how and resources.’
‘In addition, the change will enable is to serve our customers more effectively by giving them one clear point of contact at Neste Oil,’ added president and CEO of Neste Oil Matti Lievonen.
Neste Oil has recently commissioned the world’s largest renewable diesel plant in Singapore and is moving towards completion of a similar-sized plant in Rotterdam, due to come on stream at the end of the first half of 2011. Completion of these projects means that renewable fuels-related activities will shift into a normal business model.
Source: Neste Oil
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