“This is a very important step in our renewables growth strategy execution,” said Peter Vanacker, Neste’s president and CEO after the Finland-based oil refiner Neste and renewable products producer announced a major new deal.
The two major companies have signed definitive agreements for the establishment of a 50/50 joint venture with US-based Marathon Petroleum Corporation (MPC).
The joint venture will produce renewable diesel following a conversion project of Marathon's refinery in Martinez, California, also known as the Martinez Renewable Fuels project.
The joint venture will produce renewable diesel following a conversion project of Marathon's refinery.
Neste’s €0.9 billion project is expected to increase the energy company’s renewable products capacity by slightly over 1 million tons (365 million US gallons) per annum.
Production of renewable diesel is expected to come online in the second half of 2022. The facility is planned to reach its full annual nameplate capacity of 2.1 million tons (730 million US gallons) by the end of 2023.
The location of the facility is in the...
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