Neste Corporation, the Finnish provider or sustainable solutions for transport, business, and consumer needs, has announced the strengthening of its global leading position in renewable products with a major investment in Singapore.
Neste will investment in additional renewable products production capacity there. The decision is based on a growing global market demand for low-carbon solutions in transport and cities, aviation, polymers and chemicals.
The investment worth approximately EUR 1.4 billion will extend Neste’s renewable product overall capacity in Singapore by up to 1.3 million tons per annum, bringing the total renewable product capacity close to 4.5 million tons annually in 2022. The company’s target is to start up the new production line during the first half of 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. 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,” says Peter Vanacker, President and CEO of Neste.
As a result of the investment, Neste will have more options to choose between different product solutions in the whole production system. In addition to producing renewable diesel, all Neste’s renewable product refineries are able to produce renewable aviation fuel and raw materials for various polymers and chemicals materials. The investment in Singapore will include additional logistics capabilities and enhanced raw material pre-treatment for the use of increasingly low-quality waste and residue raw materials also 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. 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,” Vanacker continues.
Neste currently has a renewable products production capacity of 2.7 million tons annually. Of this total, over one million is produced in Singapore, the same amount in Rotterdam in the Netherlands and the rest in Porvoo, Finland. Before the new production line in Singapore, we will continue eliminating bottlenecks in our existing production, bringing the existing capacity to 3 million tons by 2020.
Neste’s wide range of renewable products enables their customers to reduce climate emissions. They want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2017, Neste’s revenue stood at EUR 13.2 billion. In 2018, Neste placed 2nd on the Global 100 list of the most sustainable companies in the world.