HELSINKI (Reuters) -Finnish energy company Neste on Friday said it was not yet ready to decide on a major new renewable fuel refinery in the Dutch port of Rotterdam given the geopolitical situation and possible implications for costs. After delivering first-quarter earnings that beat forecasts, Neste's outgoing Chief Executive Peter Vanacker said the company was not delaying its final investment decision for the new plant but it needs to analyse the impact first. "You can't go to the board (for a final investment decision) when we haven't fully analysed the implication of the war in terms of inflation, inflation of material and goods costs, (and whether) the procurement strategy is still valid," he told Reuters.
Lehmus, who has been with the company since 1998, will replace Peter Vanacker who resigned as CEO in December and is due to step down by the end of April. Under Vanacker's leadership, Neste has expanded its renewables business targeting to become the world's first renewable fuels maker with global capacity. Lehmus has held several leadership positions during his career with the company, in both its oil products business and renewables, the company said.