Neste Oil finance chief leaves

Helsinki: Finnish refiner Neste Oil, which earlier this month reported a surprise net loss for the second quarter, said yesterday chief financial officer Ilkka Salonen was leaving. The company said Matti Piri, vice president of finance and control, would be acting CFO until a replacement was found. Salonen, who has been CFO since 2009, was leaving by “mutual consent” at the end of August, it added.

Earlier this month Neste Oil forecast its renewable unit would post another loss in the current quarter, and blamed maintenance shutdowns at its Finnish refineries for the second quarter net loss. While traditional oil refining is still important to Neste Oil, it has in recent years invested heavily in its renewable fuels business which it sees as a key source of growth in the long term but has so far remained in the red.

Due to its smaller size Neste Oil struggles to compete in traditional oil refining against big producers like Royal Dutch Shell and Chevron, and so is seeking a competitive edge through renewable fuels. It has renewable plants in Porvoo, Singapore and Rotterdam. They make renewable diesel from sources such as palm oil and waste animal fat.