🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Neste oil refinery risks closure over two-week labour strike

Published 06/03/2024, 14:17
Updated 06/03/2024, 14:21
© Reuters. FILE PHOTO: A view of the Neste refinery located at Tuas South in Singapore May 16, 2023. REUTERS/Caroline Chia/File Photo
CL
-

HELSINKI (Reuters) - A planned two-week strike action by Finnish labour unions could bring Neste's Porvoo oil refinery to a standstill next week, the company told Reuters on Wednesday.

Finnish unions have for months protested against the right-wing government's plan to favour local work agreements over centralised bargains, limit political strikes, cut social welfare and make it easier to terminate work contracts.

Unions representing industrial, transportation and electrical workers on Wednesday said they would go on strike from March 11-25.

"The measures will target export and import operations at ports and the railway system," Finland's largest trade union association SAK said in a statement, adding that major industrial plants and distribution terminals would also be affected.

Neste said the conflict would force it to stop production at the Porvoo refinery a few days after the strike starts.

"This is due to raw material transportation being cut off and product storages filling up," Neste said in an emailed statement.

The refinery's output was also hit in January following two days of strike action.

© Reuters. FILE PHOTO: A view of the Neste refinery located at Tuas South in Singapore May 16, 2023. REUTERS/Caroline Chia/File Photo

The government and business lobbies say Finland needs to boost productivity and cut its fiscal deficit to maintain its welfare system.

The Porvoo refinery processes around 10 million tonnes of crude oil annually.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.