COVID-19 Pandemic still affecting Neste and their 2021 outlook, renewable diesel sales

May 2, 2021 |

In Finland, Neste reports a resilient Renewable Products business and challenging market in Oil Products to start 2021 off and they expect volatility in the oil products and renewable feedstock markets to remain high due to the COVID-19 pandemic. Sales volumes of renewable diesel in the second quarter are expected to be on the same level as in the previous quarter.

President and CEO Peter Vanacker said:

“Neste’s 2021 started in the same way as the previous year ended: with a resilient Renewable Products business and challenging market in Oil Products. We posted a comparable operating profit of EUR 302 million in the first quarter, compared to EUR 408 million in the corresponding period last year. Renewable Products’ sales margin was healthy, sales volumes were high, and our production facilities reached a new quarterly production record. Oil Products continued to suffer from a weak refining market and oversupply caused by the COVID-19 pandemic. Marketing & Services showed strong performance in a normally low season quarter. A weaker US dollar had a negative impact of EUR 57 million on the Group’s comparable operating profit year-on-year. Our cash flow before financing activities was impacted by a significant inventory build-up in preparation for the Porvoo refinery major turnaround and completion of the acquisition of Bunge’s refinery in Rotterdam.”

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Category: Fuels

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