Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Neste Oil Jumps Most in Two Months on Volumes: Helsinki Mover

Don't Miss Out —
Follow us on:
Neste Oil Jumps Most in Two Months on Volumes
Neste Oil Oyj's renewable diesel plant operates in Singapore. Photographer: Munshi Ahmed/Bloomberg

Feb. 3 (Bloomberg) -- Neste Oil Oyj, Finland’s only oil refiner, advanced the most in two months after increasing sales volumes of renewable fuel.

Neste Oil rose as much as 6.4 percent for today’s best performance among the 31 members of the BBG European Energy Index. The shares, which have gained 14 percent this year for a market valuation of 2.4 billion euros ($3.2 billion), traded at 9.20 euros as of 1:40 p.m. in the Finnish capital.

The European Union has set a goal to get 10 percent of its transport energy from biofuels, hydrogen and renewable power by 2020, in order to help cut the region’s emissions 20 percent from 1990 levels. Global renewables consumption will rise 8.2 percent a year in the next 20 years, outpacing the annual 2.1 increase for natural gas, the fastest-growing fossil fuel, BP Plc estimated in its annual outlook on Jan. 18.

“Renewable fuel sales volume was encouraging,” Henri Parkkinen, an analyst at Pohjola Bank Oyj in Helsinki, said by phone. “The company delivered what it promised in this area, keeping a positive outlook and strengthening belief” in renewable fuels.

Neste Oil’s fourth-quarter renewable diesel sales increased by 55 percent compared with the previous quarter. The company maintained its dividend at 35 euro cents a share for 2011, even as it reported a quarterly loss of 23 million euros, compared with the median estimate of eight analysts surveyed by Bloomberg for a profit of 19.3 million euros.

To contact the reporter on this story: Kasper Viita in Helsinki at kviita1@bloomberg.net

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.