Happy New Year to all Neste Oil Observations' Readers! Year 2011 has passed quickly and we have already started a new business year, but let's have a quick look back to the old year.
Last year was remarkable year for Neste Oil regarding strategy implementation. We started production in Base Oil plant in Bahrain together with our partners in October. We also finalised our investment in Europe's largest Renewable diesel plant in Rotterdam. Both investments will take us towards our mission to be preferred partner for cleaner traffic solutions. Year 2011 can be seen as a year of completion of our investment program and 2012 will be a year to fully commercialise our capability to serve our customers with better availability of top quality products. High quality products and services have been strength of Neste Oil in the past and those continue to be in the core of our strategy going forward. We have made many product innovations in the past and surely plan to introduce similar innovations also in the future.
Our top tier Base Oils and high quality Renewable diesel are globally well received by customers. Both products will help our customers to meet their targets eg. to reduce CO2 emissions in used applications. For us understanding customers and their needs will be a driving force moving forward on our journey to be preferred partner in cleaner traffic solutions. Our journey is only in the beginning and to be succesful on that we need open and fruitfull interaction and dialog with our existing and potential customers; what are we doing well and where can we still improve our performance? We would be happy to receive your feedback.
Year 2012 has started with challenging environment; global economy seems to be undecided, if it will cool further down or turn slightly up; we are receiving mixed signals almost daily from different part of the world. Naturally that makes all companies to follow closely weak and strong signals potentially impacting demand for their products. Everyone is trying to optimize (ie. minimise) inventories. We at Neste Oil Base Oils look for the future quite confident. We see demand for top tier base oils increasing globally and we are ready to support our customers' growth with new volumes available from Bahrain. It seems that the timing of the volumes coming from Bahrain to global markets is perfect; market was short in 2011 and demand continues to grow further in 2012. Naturally nothing is as easy is it could look like; a lot of work, efforts and knowledge are required to make this year succesfull for our customers and us.