Finland's Neste Oil says aims to become world's top biodiesel ...

Finland's Neste Oil says aims to become world's top biodiesel ...
Newsroom Finland - Helsinki,Finland
Finland's Neste Oil said in a statement Wednesday that its board had approved a strategy aimed at making the company the world's top biodiesel producer. ...

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Finland's Neste Oil said in a statement Wednesday that its board had approved a strategy aimed at making the company the world's top biodiesel producer.

But oil refining will continue to be Neste's central business, it added.

"The foundation of Neste Oil's strategy will remain based on the company's ability to use its unique refining know-how to produce high-quality fuels for cleaner traffic from a variety of lower-cost raw materials," Neste said in a statement, adding it expected to invest several billion euros into growth projects over the next ten years.

Alongside the updated strategy, Neste's board approved new financial targets, including a return on average capital employed after tax (ROACE) of at least 15 per cent and a dividend payout ration of at least a third of underlying profits.

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