Wednesday, February 10, 2016

Is Finland's Neste the World's First 21st Century Oil Company?

In an era of hyper-branding, normally whenever a corporation changes its name and logo — altering the image countless commercials have indelibly burned into consumer psyches — it's usually a Hail Mary pass thrown by desperate management trying to dodge a PR disaster. But we're not living in normal times, especially in the volatile energy business, when on June 1, 2015, after revamping its technology, refineries and fuels, and then followed by long, careful deliberation, Neste Oil, a Finnish oil refining and marketing company, officially dropped "oil" from its name. That typographically small but momentous change dramatically illustrated the company’s recent growth (see its press release).
“Products based on renewable feedstocks have become a significant part of Neste's business, and the word "oil," referring to fossil crude oil, no longer gives a correct overall picture of the company,” president and CEO, Matti Lievonen said.

Read the full article here:

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