Neste Oil - Company Announcement

MANAGEMENT AND ORGANIZATIONAL CHANGES AT NESTE OIL

New executive vice presidents have been appointed to three of Neste
Oil's divisions as part of a round of internal job rotation, and a
new division, Specialty Products, has also been added to the
company's organization. Jarmo Honkamaa (51) has been appointed Deputy
CEO. All of these changes will come into effect as of 16 October,
2007.

Divisions

Jarmo Honkamaa, who currently heads up Oil Refining, has been
appointed Executive Vice President, Biodiesel, in addition to Deputy
CEO. This division is responsible for Neste Oil's proprietary
second-generation NExBTL Renewable Diesel. The first plant producing
NExBTL was completed earlier this year at Porvoo, and a second is
under construction alongside the first. Neste Oil has targeted
becoming the world's leading producer of renewable diesel as part of
its latest strategy.

Jorma Haavisto (53), who is currently Vice President, Porvoo
refinery, has been appointed Executive Vice President, Oil Refining
and will be responsible for Neste Oil's refineries at Porvoo and
Naantali, feedstock supply for them, and petroleum product wholesale
operations. Oil Refining has been highlighted as one of the company's
growth areas, alongside biodiesel.

Following Matti Peitso's retirement, Sakari Toivola (54), currently
Vice President, Base Oil, has been appointed as his successor as
Executive Vice President, Oil Retail. Toivola joined Neste Oil
earlier this year from oy Esso ab (Finland), where he was CEO.  Oil
Retail is responsible for the retail sales of Neste Oil's petroleum
products, including the network of Neste service stations in Finland,
Estonia, Latvia, Lithuania, Poland, and the St. Petersburg region in
Russia. Oil Retail also handles direct sales of petroleum products to
industrial customers and consumers, LPG operations, and land
logistics services.

Neste Oil's current Executive Vice President, Biodiesel, Kimmo
Rahkamo (45) has been appointed Executive Vice President of the new
Specialty Products division. This will be responsible for the
production and sale of base oils and gasoline components. Rahkamo
will also be responsible for Neste Oil's stake in Nynäs Petroleum, a
specialist producer of bitumen and naphthenic specialty oils owned in
collaboration with Venezuela's PDVSA.

Risto Näsi (49) will continue as Executive Vice President, Shipping.
Neste Shipping is responsible for carrying crude oil, other
feedstocks, and petroleum products, and operates some 30
ice-strengthened tankers. Around half of Shipping's cargoes are
carried for outside customers.

Neste Oil will announce later whether the addition of a new division
will affect the company's external reporting. The figures for
Biodiesel and Specialty Products currently come under Oil Refining
segment.

President & CEO, Risto Rinne:"It's important for the Executive Team, like other parts of the
Neste Oil organization, to promote job rotation, as it opens up new
opportunities for change and increased cooperation. The businesses
that we have grouped under the new Specialty Products division have
become sufficiently significant to form a separate division. The
changes that we've announced are also designed to give us better
potential to implement our strategy focusing on cleaner traffic fuels
and lubricants as we move forward."

Composition of the Neste Oil Executive Team

Following the changes detailed above, the composition of the Neste
Oil Executive Team will be as follows: Risto Rinne (Chairman), Jorma
Haavisto, Jarmo Honkamaa, Risto Näsi, Kimmo Rahkamo, and Sakari
Toivola, together with CFO Petri Pentti, Senior Vice President,
Corporate Development, Juha-Pekka Kekäläinen, Senior Vice President,
Human Resources, Hannele Jakosuo-Jansson, and Senior Vice President,
Communications, Osmo Kammonen. All the members of the Executive Team
report to the President & CEO.

New vice presidents for the Porvoo and Naantali refineries

Martti Ronkainen (43) has been appointed Vice President, Porvoo
refinery and will take over on 16 October, 2007. Ronkainen is
currently Production Manager of the refinery's new PL 4 diesel line,
and he previously headed the construction of the line.

As the current head of the Naantali refinery Ove Sundström, is due to
retire, Miika Eerola (41) has been appointed the new Vice President,
Naantali refinery. Currently Production Manager at Porvoo, Eerola
will take over at Naantali on 1 January, 2008.


For further information:
CEO & President Risto Rinne on +358 10 458 11
Senior Vice President, Communications Osmo Kammonen on +358 10 458
4885



Neste Oil Corporation

Osmo Kammonen
Senior Vice President, Corporate Communications


The CVs of the members of the Neste Oil Executive Team can be
consulted at www.nesteoil.com.


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 biodiesel 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 4,700 people and its shares are listed on the Helsinki
Stock Exchange. For further information, see www.nesteoil.com.