Company name: Neste Oyj
Registration location: Espoo, Finland
Ownership/ ultimate beneficial owner: The Republic of Finland owns 36% of the shares, 8% are owned Ilmastorahasto Oy. Subsequently, there is a list of institutional shareholders including BlackRock, Capital Group, Vanguard, Bank of Canada.
Stock exchange listing: Nasdaq Helsinki
Sectors: Refiner and trader
Subsidiaries/ brands:
Refinery facilities
Porvoo and Naantali refineries
Rotterdam refinery
Singapore refinery
Rotterdam refinery
Singapore refinery
Sustainability performance
No Deforestation, No Peat, No Exploitation policy: Yes
Deforestation within current supply chain since 2016: 64,000 ha
Supply chain links: Palm oil dashboard and PFAD supply chain
Supplementary information
Despite having sourced palm oil from 100% certified suppliers which also own NDPE commitments, Neste is still involved in the destruction of forest through its Tier 2 suppliers. Some familiar names with extensive violation of NDPE policies, such as Indofood and Sawit Sumbermas Sarana, were found to have supplied to Neste’s direct suppliers. Neste was primarily criticized for its claim on the sustainability. First, the company is still engaged in fossil fuel business, which constitutes for 77% of its revenue in 2019. Second, the company still insists on using PFAD (palm fatty acid distillate – a by-product of refined crude palm oil) which presents as the door for non-sustainable suppliers to enter Neste’s supply chain.
In 2019, Neste sourced PFAD from Ciliandry Anky Abadi, part of the Fangiono family companies that appears on the top 10 deforesters list in 2020.
| Financial information (in USD million) | 2019 | 2020 | YoY growth |
| Annual revenue | 17,723 | 13,417 | -24% |
| Gross profit | – | – | NA |
| EBITDA | 3,015 | 2,107 | -30% |
| Net profit | 1,923 | 1,281 | -33% |
| Market cap ultimo preceding year | 26,740 | 55,532 | +108% |
| Enterprise value ultimo preceding year | 26,524 | 55,173 | +108% |