However, Neste’s sales fell to E3.2 billion, down from E3.5 billion in the second quarter of 2006. Neste said that the lower sales were mainly caused by the divestment of its stake in Eastex Crude Company. Excluding this, sales grew by nearly 7%.
Petrol sales at Neste Oil’s stations in Finland declined by 2% in the second quarter compared to the same quarter in 2006. However, diesel sales increased by almost 5%, supported by good demand.
Meanwhile, Q2 2007 petrol sales volumes in the Baltic Rim area increased by 28% compared to Q2 2006. Neste continued to open new stations in the area, bringing the number of outlets to 248 at the end of June. The company said that northwest Russia remains its primary growth area.
Risto Rinne, president and CEO of Neste, said: The second quarter saw an exceptionally strong gasoline market, following on from a similar trend in the first quarter. Mr Rinne also said that the company’s oil refining unit’s good volumes and high margins added to its result.
We completed two important investment projects at the Porvoo refinery during the quarter. Our new diesel line commenced production in June, and start-up of the NExBTL Renewable Diesel plant is continuing. The market seems attractive for both sulfur-free diesel and high-quality renewable diesel, and we are pushing forward to proceed with new strategic investments, Mr Rinne concluded.
