Neste Hosts Foundation Stone Ceremony for Singapore Expansion
Following up from the EUR 1.4 billion investment to expand its renewable products production capacity in Singapore, Neste today held a foundation stone ceremony to officially mark the extension of the new production line. The construction started at the beginning of the year.
“The Singapore expansion marks an important step in the execution of our growth strategy for renewables globally and the beginning for the world’s most unique and advanced refinery for renewables. The new production line will be the best in class worldwide, thanks to our continuous process and technology development,” says Peter Vanacker, President and CEO of Neste.
“Laying a foundation stone on a major construction project is a great tradition. And we are extremely happy to be laying it in Singapore, in one of the most connected, economically significant, and vibrant places on earth. And in this spirit of cooperation, I would like to personally thank everyone who have and are involved in the expansion project – together we are creating a healthier planet for our children,” Vanacker continues.
“Neste is not only the world’s most sustainable energy company and a leader in renewable products but also one of the world’s most sustainable corporations across all industries. Besides collaborating in innovation, one of the ways we are developing these win-win partnerships is by developing a trusted, digitised and resilient supply chain network. This is critical for refinery operations. We are also developing new capabilities in managing and greening our supply chains, to meet the demands of firms like Neste,” tells Singapore’s Senior Minister and Coordinating Minister for Social Policies, Mr. Tharman Shanmugaratnam.
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 pretreatment for the use of increasingly low-quality waste and residue raw materials also for the existing refinery.
“We are determined to serve our customers and the industry in reducing carbon emissions. With the Singapore expansion, we will have the capacity to produce over one million tonnes of sustainable aviation fuel annually,” Vanacker adds.
The Singapore expansion 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. Neste’s target is to start up the new production line in Singapore during the first half of 2022.
Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world’s largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2018, Neste’s revenue stood at EUR 14.9 billion. In 2019, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com