3/27/2006, 1:01 PM (Source: GlobeNewswire)
Neste Oil Corporation Press Release 27 March 2006 at 2:00 p.m. EET

Neste Oil Corporation and Austrian oil and gas group, OMV, are in
negotiations aimed at jointly building a large-scale plant to produce
next-generation biodiesel fuel. According to a memorandum of
understanding, the 200,000 t/a facility will be located at OMV's
Schwechat oil refinery in Austria, with production beginning at the
end of 2008 at the earliest.

The plant will be based on Neste Oil's proprietary NExBTL technology,
which is capable of producing high-quality diesel fuel from a variety
of renewable raw materials, such as vegetable oil and animal fat.
NExBTL biodiesel offers superior fuel properties, and outperforms
conventional biodiesel and diesel grades currently on the market,
according to recent tests by leading heavy-duty engine manufacturers.

NExBTL technology produces synthetic biofuels as defined by EU
Directive 2003/30/EC, covering the development of biofuels in the
European Union. The EU encourages member states to increase biofuel
usage to 5.75% of all gasoline and diesel fuel used in traffic by
2010. Neste Oil's and OMV's joint production plant will be tailored
to meet the needs of this challenge.

Neste Oil Corporation
Osmo Kammonen
Senior Vice President, Communications

Further information:
Kimmo Rahkamo, Executive Vice President, tel. +358 50 458 4247
Jyrki Ignatius, Vice President, tel. +358 50 458 7034

Neste Oil Corporation is an independent Northern European oil
refining and marketing company, with a focus on advanced fuels for
cleaner traffic. Neste Oil's refineries are located in Porvoo and
Naantali in Finland, and have a total refining capacity of approx.
250,000 bbl/d. The company employs around 4,500 people. Neste Oil is
listed on the Helsinki Stock Exchange (symbol: NES1V). For further
information, see

NExBTL (Next Generation Biomass to Liquid) is a new renewables-based,
high-quality diesel fuel developed by Neste Oil to meet future
biofuel requirements. NExBTL offers excellent fuel properties that
meet the highest requirements of the automotive industry, as well as
very low exhaust emission levels. NExBTL can be produced very
flexibly from virtually any vegetable oil or animal fat. The first
NExBTL plant, a 170,000 t/a unit at Neste Oil's Porvoo refinery, is
due to come on stream in summer 2007.
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