After the shock caused by the closure of UPM's Kaipola had just been resolved, Neste, which announced the co-determination negotiations and the possible closure of the Naantali refinery, poured more cold water into its neck today.

The embarrassing thing is that, unlike UPM, Neste has a significant 36% direct holding in Neste and an 8.3% holding through the State Development Company Vake.

Neste is one of the companies in which the state has a so-called strategic interest.

Others include Finnair and Fortum.

However, in a listed company, the terms of operation are most often dictated from the perspective of the market and not from the point of view of employment.

This has been seen in state-owned companies several times before.

The stock market welcomes Neste's news with a rise in share prices.

At Neste's Group level, the Naantali refinery represents a small part and its importance is far from close to Porvoo, where additional investments in renewable products may be coming.

In addition to diesel, various solvents and bitumen have been produced in Naantali.

Employees have been afraid of Naantali being shut down for years.

The spearhead of the liquid is renewable.

Investing in them has also meant an increase in the company's share price, although competition for renewable raw materials has intensified recently.

In addition to the increase in value, the owners, including the state, have also accrued increasing dividends.

For Neste's future and the environment, the closure of Naantali may make sense, but it will not make it easier for the government to cut employment.

The state's holdings in the case have been corrected 14.9.

at 4:25 p.m.

The title has also been corrected.