Neste says planned two-week strike could shut Porvoo oil refinery (OTCMKTS:NTOIF)
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Neste (OTCPK:NTOIF) (OTCPK:NTOIY) said a planned two-week strike action by Finnish labor unions could shut down its Porvoo oil refinery next week, Reuters reported Wednesday.
Unions representing industrial, transportation and electrical workers said they expect to go on strike during March 11-25.
Finland’s largest trade union association SAK said the government’s planned measures would favor local work agreements over centralized bargains and make it easier to terminate work contracts.
Neste (OTCPK:NTOIF) (OTCPK:NTOIY) told Reuters the conflict would force it to stop production at Porvoo a few days after the strike starts, due to raw material transportation being cut off and product storages filling up.
The Porvoo refinery processes ~10M metric tons/year of crude for oil products such as marine fuels.
Earlier this week, analysts at Stifel started coverage of Neste (OTCPK:NTOIF) (OTCPK:NTOIY) with a Buy rating and €44 price target, seeing the company as primed to benefit from a positive outlook for the renewable diesel and sustainable aviation fuel sectors.
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