Neste raises margin outlook while struggling to ramp up Singapore refinery

Neste, the Finnish oil refiner and biofuels producer, said on Tuesday, September 12, that the company has raised its margin outlook for the third quarter of 2023. The concern added, that production at its Singapore refinery has been slowing down due to repair works.

Neste now expects its margin for the third quarter to be “significantly higher than in the second quarter.” Previously, the firm has stated, that it only saw the margin being “slightly” higher.

The sales volume impact of the repair works at the Singapore refinery is estimated to be about 100,000 tons for the second half of 2023. This is set to mainly impact the company’s sales in the fourth quarter, according to the statement.

Source: Reuters

About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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