(Reuters) - Finnish biofuel producer and oil refiner Neste NESTE.HE plans to cut up to 470 jobs in Finland to seek savings worth 50 million euros ($59.3 million) due to declining demand for fossil oil products, it said on Monday.

“The company is exploring the shutdown of its refinery operations in Naantali and focusing the Naantali site on the terminal and harbour operations, as well as transforming the Provo refinery operations to co-processing renewable and circular raw materials,” it said in a statement.