Power large Neste sees a ‘Okay-shaped’ restoration for its enterprise: CEO
SINGAPORE — Finnish vitality firm Neste is seeing a so-called “Okay-shape restoration” from the coronavirus pandemic, with totally different segments of its enterprise getting into reverse trajectories, CEO Peter Vanacker mentioned on Tuesday.
“If I have a look at the restoration proper now, individuals consult with (it) as V-shape, W-shape, L-shape, I’ve heard yesterday on the summit, Okay-shape,” he advised CNBC’s Capital Connection as an attendee of the Singapore Summit, which is being held just about this yr.
That is what Vanacker mentioned he is seeing in his enterprise proper now.
“The restoration in renewables, that was extraordinarily quick,” he mentioned. “However then then again facet, all the pieces that has to do with, for instance, oil and oil refineries, is definitely not recovering.”
Neste is the world’s main producer of renewable diesel. It was a basic oil-refining firm however later developed sustainable gas.
Vanacker mentioned there is a “large distinction” between these two sides of the enterprise at this level. There was a “fast…