Finland-headed oil refiner and renewable products major Neste Oyj has announced that it has entered a cooperation with Japan-headed beverages major Suntory Group, compatriot energy and nonferrous metals major ENEOS Corporation (ENEOS), and conglomerate Mitsubishi Corporation (Mitsubishi) to enable the production of polyethylene terephthalate (PET) resin made with renewable "Neste RE" on a commercial scale.
Neste RE is Neste’s feedstock for polymer production, made 100 percent from bio-based raw materials such as waste and residues including used cooking oil (UCO), to replace fossil feedstock in the value chain.
A new partner for Neste in Japan, ENEOS will use bio-intermediates based on Neste RE to produce bio-paraxylene (bio-PX) at its Mizushima Refinery in Okayama, Japan.
The bio-PX will then be converted to purified terephthalic acid (PTA) and subsequently to renewable PET resin for Suntory to use to manufacture PET bottles for its products in 2024.
Mitsubishi Corporation will be coordinating the collaboration between the value chain partners.
In order to tackle the imminent climate crisis and its consequences, companies are required to take responsibility now. Through partnering along the value chain, Neste can contribute to reducing the polymers and chemicals industry’s dependence on fossil resources as well as to manufacturing products that have a lower carbon footprint, said Lilyana Budyanto, Head of Sustainable Partnerships APAC at Neste Renewable Polymers and Chemicals business unit.
A mass balancing approach will be applied to allocate the bio-based materials to the PET bottles.
