Finland-headed oil refiner and renewable products major, Neste Oyj has announced that it has made the final investment decision (FID) to commence the construction of upgrading facilities for liquefied plastic waste at its Porvoo refinery in Finland.
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With an investment of around EUR 111 million, Neste says that it will build the capacity to upgrade 150 000 tonnes of liquefied plastic waste annually.
Upgrading is one of the three processing steps turning liquefied waste plastic into high-quality feedstock for new plastics: pretreatment, upgrading, and refining.
The investment is part of a broader EU project “Pretreatment and Upgrading of Liquefied waste plastic to Scale up circular Economy” (PULSE), which has received an EU Innovation Fund grant of EUR 135 million.
If Project PULSE is fully implemented a total capacity of 400 000 tonnes per year would be reached.
Project PULSE is funded by the European Union (EU), and Neste is the sole beneficiary of Project PULSE’s funding.
Chemical recycling
Pretreatment and upgrading of liquefied waste plastic play an important role in Neste’s approach to chemical recycling.
They allow the company to increase flexibility for processing lower-quality plastic waste and scale up processing the liquefied waste plastic into high-quality petrochemical feedstock in its existing refinery in Porvoo.
We have developed our capability to process circular raw material at the Porvoo refinery over the recent years and are now set to build a respective facility. The new facility processing 150 000 tonnes of liquefied waste plastic, is planned to be finalized in the first half of 2025, stated Markku Korvenranta, EVP of Neste’s Oil Products.
The project will not only see Neste building new assets at its Porvoo refinery but also leveraging existing assets through retrofitting, to scale up chemical recycling fast and efficiently.
The upgraded liquefied waste plastic will then be processed in the conventional refinery which will replace a portion of the fossil resources processed at the Porvoo refinery.
Required preparation works at the Porvoo refinery were successfully completed during the first half of 2023, enabling the construction work to commence without any delay.
