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Neste upgrades 2013 profit expectations

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Finnish refining firm Neste Oil says it expects its full year profit to be significantly higher than previous expectations after being boosted by the success of its Renewable Fuels arm.

The company, which refines low-emission traffic fuels and renewable diesel, had expected improvement on 2012’s full-year profit of EU355million.

Now the company has revised that figure to more than EU530million, after strong sales from the Renewable Fuels arm in the USA.

“We are very pleased to the development of Renewable Fuels’ profitability,” said Neste president Matti Lievonen.

“We have been able to turn it into a global new business in roughly five years. We continue working on improving the segment’s profitability, and we focus on optimizing sales, feedstock base and production.”

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