Neste Oil - Company Announcement

Neste Oil to start statutory employer-employee negotiations aimed at reducing 450 jobs in Finland

As part of efforts to respond to the company's recent drop in profit
performance, Neste Oil wants to achieve savings of over €60 million
in its annual fixed costs. The plan is to secure around €30 million
of this through personnel-related measures. To safeguard the
company's future competitiveness Neste Oil believes it needs to adapt
its cost structure to the changes that have taken place in the market
situation and Neste Oil's organization, and ensure the successful
implementation of the strategic investment program currently under
way.

As part of its cost-saving program, Neste Oil has decided to start
statutory employer-employee negotiations and a consultation process
with personnel on possible temporary layoffs and permanent
redundancies. The talks will cover personnel employed by Neste Oil
and its subsidiaries in Finland. Neste Oil anticipates that 450
people will be affected. The company employs some 5,300 people, of
which around 4,000 are based in Finland. In the consultation process
the negotiators will try to find alternative solutions to making
Neste Oil employees redundant.

Neste Oil has carried out a number of measures to save costs and
improve the efficiency of its operations since the fall of last year.
These have included canceling or postponing some planned capital
projects, enhancing purchasing practices, and reducing fixed costs.

On 30 July 2009, Neste Oil published its second-quarter interim
report, which reflected significantly reduced profit performance.


Neste Oil Corporation

Hanna Maula
Director, Corporate Communications


Further information:
Matti Lievonen, President and CEO, tel. +358 10 458 11
Hannele Jakosuo-Jansson, Senior Vice President, Human Resources, tel.
+358 10 458 4688
Osmo Kammonen, Senior Vice President, Communications, Marketing and
Public Affairs, tel. +358 50 458 4885

Neste Oil in brief

Neste Oil Corporation is a refining and marketing company
concentrating on low-emission, high-quality traffic fuels. The
company's target is to be the world's leading supplier of renewable
diesel. Neste Oil's refineries are located in Porvoo and Naantali and
have a combined crude oil refining capacity of approx. 260,000
barrels a day. The company had net sales of EUR 15 billion in 2008
and employs around 5,300 people. Neste Oil's share is listed on the
NASDAQ OMX Helsinki. www.nesteoil.com.