Neste Oil - Corporate Action

NESTE OIL TO BUILD A NEXBTL RENEWABLE DIESEL PLANT IN SINGAPORE

Neste Oil plans to invest approximately €550 million in building a
plant in Singapore to produce NExBTL Renewable Diesel. The plant will
have a design capacity of 800,000 t/a, making it the largest facility
producing diesel fuel from renewable feedstocks anywhere. The
investment forms part of Neste Oil's strategic goal of becoming the
world's leading renewable diesel producer. The use of biofuels such
as NExBTL is predicted to increase rapidly in developed economies
over the next few years.

The plant will be based on Neste Oil's proprietary NExBTL technology.
The first NExBTL facility was commissioned in Finland at Neste Oil's
Porvoo refinery in summer 2007, and a second is due to come on stream
there in 2009.

NExBTL technology is the first commercial new-generation renewable
diesel production process, and can use any vegetable oil or animal
fat as its input. The end-product, NExBTL Renewable Diesel, is a
premium-quality fuel that outperforms conventional fossil diesel fuel
and can be used as such in existing vehicles and be distributed in
existing logistics systems.

NExBTL Renewable Diesel is also a good performer in environmental
terms. When produced from sustainably sourced raw materials, its
total lifecycle greenhouse gas emissions are 40-60% less than those
of conventional diesel fuel. In addition, NExBTL has lower tailpipe
emissions, contributing to better air quality.

The main raw material planned for the Singapore plant will be palm
oil. Neste Oil has committed itself to only using palm oil certified
by the Roundtable on Sustainable Palm Oil as soon as sufficient
quantities are available. Palm oil complying with the RSPO
certification system, which was approved in November 2007, will
probably be available from the early part of 2008 onwards.

Excellent location

Singapore is the world's third-largest center of oil refining, and
occupies a central location in terms of product and feedstock flows
and logistics. This also gives Singapore excellent potential to
develop into a center for Asian biofuel production. Singapore is a
signatory to the Kyoto Protocol and has committed itself to reducing
greenhouse gas emissions.

The government of Singapore has played an important role in promoting
Neste Oil's investment, and the Singapore Economic Development Board
(EDB) has assisted Neste Oil at every stage of the preparations for
the project. The EDB will also support the investment through e.g.
R&D support and assistance with recruiting and training personnel.

Construction of the Singapore plant will begin in the first half of
2008, and the facility is due to be completed by the end of 2010. The
plant will be built in the Tuas industrial zone in the southwest of
the island, around 30 minutes from the centre of Singapore. The plant
will be integrated into the area's existing industrial
infrastructure, and will make use of local site utilities and port
and storage services. When operational, the plant will employ around
100 people.


Neste Oil Corporation

Osmo Kammonen
Senior Vice President, Communications


Further information:
Executive Vice President Jarmo Honkamaa, tel. +358 (0)10 458 4758


Encls:
Factsheet on NExBTL
Factsheet on biofuel goals in markets around the world
Factsheet on Neste Oil's feedstock sourcing policy


Images of the NExBTL plant at Porvoo can be found at our website's
Photo Gallery

Press conference
Neste Oil will organize a press conference on the project at Neste
Oil's Head Office, Keilaranta 8, Espoo, Finland on 30 November 2007,
at 10.00 am (EET).

Conference call in English
A conference call in English for the international media, analysts
and investors will be held at 11.00 am (EET) on 30 November 2007.
Participants can join the call by dialing +44 (0)20 3023 4426. In the
USA the call-in number is 1 866 966 5335. A recording of the call
will be available for one week at +44 (0)20 8196 1998 and in the USA
at 1 866 583 1035, code 725 434.

Neste Oil will soon hold a press conference on the project in
Singapore. Further details will be provided later.


Neste Oil in brief

Neste Oil Corporation is a refining and marketing company focused on
advanced, clean traffic fuels, with a strategy that prioritizes
growing its refining and premium-quality renewable diesel businesses.
Neste Oil's refineries are located at Porvoo and Naantali in Finland,
and have a total refining capacity of approx. 250,000 bbl/d. The
company employs around 4,800 people and its shares are listed on the
Helsinki Stock Exchange. For further information, see
www.nesteoil.com.

Attachments:

NExBTL fact sheet

National biofuels targets

Neste Oils sustainability principles