Finnish renewable diesel producer Neste announced that it has finalised on a decision to invest an estimated €1.4 billion into its Singapore biofuel production capacity.
The investment will extend Neste’s renewable production capacity by up to 1.3 million tons per annum, raising the total yearly capacity to 4.5 million tons in 2022.
“Neste is in the business of helping transport and cities, aviation, polymers and chemicals customers make their business more sustainable and will continue to lead the way for renewable products,” said Peter Vanacker, Neste president and CEO.
“We are already a global leader in renewable products produced from waste and residues. This investment marks an important step in the execution of our profitable growth strategy globally.”
As part of the investment, Neste also stated that it will be implementing additional logistical capabilities and enhanced raw material pretreatment for the use of low-quality waste and residue raw materials for the existing refinery.
“The investment will strengthen our competitive advantages which are based on the global optimization of our production and waste and residue raw material usage,” Vanacker continued.
“With our proprietary NEXBTL technology, renewable products can be refined flexibly from a wide variety of lower quality waste and residues while the end-products retain their high quality. We will leverage the experience gained at our existing sites in Singapore, Rotterdam, the Netherlands and Porvoo, Finland, and thanks to our continuous process and technology development, the new production line will be the best in class worldwide.”
According to the release, Neste plans to begin operations of the new production line in the first half of 2022.