While the oil markets have been volatile, Northwest European diesel and gasoline margins have increased to a high level during Q323, improving the total refining margin outlook for Neste’s oil products.
Neste’s oil products’ Q323 total refining margin is expected to be significantly higher than it was in 2Q23.
Following the restart of the renewable diesel and sustainable aviation fuel (SAF) production at the Singapore refinery expansion in August 2023, the ramp-up has been slowed down due to a recent shutdown at the new line for additional equipment inspection and repair works.
The sales volume impact of the ongoing inspection and repair works is estimated to be approximately 100 000 t for 2H23, mainly impacting Q423 sales.