Finland-headed oil refiner and renewable products major Neste Oyj has announced that it has acquired an additional 29 percent of the shares of Neste Demeter B.V., increasing Neste’s ownership to 80 percent of the company. Neste has also agreed to acquire the remaining shares of Neste Demeter B.V. over the next few years as agreed with the minority shareholders.
Neste announced in September 2018 the acquisition of 51 percent of the shares of the Netherlands-based animal fats trader IH Demeter B.V., making Neste the controlling shareholder.
The partnership between the minority owners of the company and Neste has been successful. I am pleased that we have now agreed to take full ownership of Neste Demeter while continuing the cooperation with the minority owners. Neste Demeter is an important part of our raw material supply and this is a step forward in our strategy of building a global waste and residue raw material platform to secure raw material availability and competitiveness, said Carl Nyberg, EVP of Renewables Supply Chain and Sustainability at Neste.
Neste’s current capacity for renewable products in Rotterdam, the Netherlands is the largest in Europe. Neste made the final investment decision to invest in new renewable products production capacity in Rotterdam in June 2022, with a targeted start-up during the first half of 2026.
The Rotterdam refinery expansion investment of approximately EUR 1.9 billion will expand Neste’s overall renewable product capacity to a targeted 6.8 million tonnes globally by the end of 2026.