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SINGAPORE/HELSINKI: December 12, 2018. Neste Corporation, the world’s largest producer of renewable diesel from waste and residues, is investing €1.4 billion in expanding its production capacity in Singapore.

FinaviaNesteThe extra capacity will be available by mid-2022 and extend Neste’s renewable production in Singapore up to 1.3 million tons per annum, bringing its total capacity to nearly 4.5 million tons.

“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 president and CEO Peter Vanacker. “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.”

With growing market demand for low-carbon solutions, the new investment will include additional logistics capabilities and enhanced raw material pretreatment for the use of increasingly low-quality waste and residue raw materials also for the existing refinery.

“We will leverage the experience gained at our existing sites in Singapore, Rotterdam, the Netherlands and Porvoo, Finland,” Vanacker added.

Current Neste’s renewables capacity is 2.7 million tons split between Singapore, Rotterdam and Porvoo and it expects to increase this to 3.0 million by 2020. Last year the company produced revenue of €13.2 billion and in 2018 placed No.2 on the Global 100 list of the world’s most sustainable companies.

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