Finland-headed oil refiner and renewable fuel producer Neste Oyj has held a "foundation stone ceremony" at its Singapore biorefinery. The ceremony officially marks the extension of the new production line announced last year, the construction of which started at the beginning of 2019.
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Following up from the EUR 1.4 billion investment to expand its renewable products production capacity in Singapore, Neste held a foundation stone ceremony on July 31, 2019, 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. 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 has and is involved in the expansion project – together we are creating a healthier planet for our children, said Peter Vanacker, President, and CEO of Neste.
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.
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,” said Tharman Shanmugaratnam, Singapore’s Senior Minister and Coordinating Minister for Social Policies.
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 said.
The Singapore expansion will extend Neste’s renewable product overall capacity in Singapore by up to 1.3 million tonnes per annum, bringing the total renewable product capacity close to 4.5 million tonnes annually in 2022. Neste’s target is to start up the new production line in Singapore during the first half of 2022.