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Finnish oil refiner and bunker supplier is celebrating its 70th anniversary in 2018.

The company was founded in 1948 as the state oil company of Finland, to ensure the availability of refined fuels. Its refineries were built using American technology, but prepared from day one to use Russian crude oil as its main raw material.

Highlighting the Finnish firm's focus on innovation, Neste explained that its journey from a Finnish oil refining company to the world's largest producer of renewable diesel from waste and residues had required "bold solutions and continuous renewal" along the way.

"From the very beginning, Neste has invested heavily in research and development of its business operations. Thanks to this, we have succeeded in skillfully combining formidable industry experience with modern business and environmental values," Neste said.

Commenting on its transport fuels operation, Neste stated: "We have been pioneers in the development of high-quality transport fuels for tough conditions. And we will always continue to break new ground in this area. One of the key goals of Neste's R&D is reducing traffic emissions with the aid of better fuels."

In the bunker sector, Neste has developed three products to meet EU Sulphur Directive (2016/802), all of which contain less than 0.1 percent sulphur. They are Neste MGO DMA, Neste MDO DMB and Neste RMB. The company also expects to shortly start offering a new 'RMG-type', 'heavier' product with a sulphur content of less than 0.1 percent and a significantly higher viscosity than the products it currently has available - thanks to the installation of a new solvent deasphalting (SDA) unit at its Porvoo refinery.

Neste also recently completed the revamp of its refinery in Naantali, western Finland, which means the company will now be producing less heavy fuel oil and focusing on "more valuable products".

President and CEO Matti Lievonen remarked: "Our company's financial performance is solid, and we offer products and services that help to in tackling the greatest challenge facing our world: climate change. At the heart of our success is our committed personnel, who are passionate about renewal, and about creating new and unique solutions to meet the needs of our customers."

"For these reasons, the theme of this 70th anniversary year is our defining theme: passion for renewal. We work together to ensure that Neste remains important to future generations as well," Lievonen added.