Neste has now decided to proceed to the basic engineering phase with its 120MW green hydrogen project at its Porvoo refinery (pictured) in Finland.
The investment decision readiness is expected to be reached in early 2024.
If an investment decision is made, green hydrogen production could start in 2026.Executive vice president in Neste’s Oil Products Markku Korvenranta said: “Our project is one of the largest development projects to produce green hydrogen in the European refineries and it supports our goal to transform the Porvoo refinery to the most sustainable refinery in Europe by 2030.
“The green hydrogen would be primarily used in our Porvoo refinery’s processes, where it would replace hydrogen produced from fossil feedstocks.”In connection with the 120 MW green hydrogen project, Neste has started a preliminary study with Porvoon Energia on the utilization of renewable heat in district heating.
Porvoon Energia is a regional Finnish energy company focusing on heat and electricity production and distribution as well as development of the electricity network.