The world’s largest producer of clean fuels for cars and planes has pledged to dramatically cut costs, including firing a tenth of its workforce, after a disastrous year in which its share price collapsed more than 60 per cent.
Heikki Malinen, chief executive of Neste, the Finnish renewable diesel and sustainable aviation fuel (SAF) specialist, said the company had spent nearly $10bn transforming itself from an oil refiner into a leader in green fuels, and then found that the market had failed to grow as expected.
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