Finnish biofuel producer and oil refiner Neste plans to invest 1.4 billion euros (S$2.2 billion) to boost its biofuel production capacity in Singapore.
The investment will extend Neste’s renewable product overall capacity in Singapore by up to 1.3 million tons per year. This bring’s the company’s total renewable product capacity close to 4.5 million tons annually in 2022, it said in a statement on Wednesday (12 December).
The company aims 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,” said Peter Vanacker, president and chief executive officer of Neste.
Neste currently has a renewable products production capacity of 2.7 million tons annually. Of this total, over 1 million tons is produced in Singapore, the same amount in Rotterdam in the Netherlands, and the rest in Porvoo, Finland.