Neste Investing USD 1.6 Billion To Boost Biofuel Production Capacity In Singapore
Finnish biofuel producer, Neste Corporation, revealed plans for an EUR 1.4 billion (USD 1.6 billion) investment to boost its renewable products production capacity in Singapore bringing the company's total renewable product capacity close to 4.5 million tons annually in 2022 from the current 2.7 million tons. The company's target is to start up the new production line during the first half of 2022.
As a result of this 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 pretreatment for the use of increasingly low-quality waste and residue raw materials for the existing refinery.
Neste's refinery in Singapore was launched in 2010, and it produces exclusively renewable products. The production capacity of the refinery is 1 million tons per year. Neste produces the same amount annually in Rotterdam in the Netherlands and the rest in Porvoo, Finland.
(Sources: Neste; Reuters; Straits Times)