WASHINGTON, Dec. 12, 2018 /PRNewswire/ --
Neste Corporation Stock Exchange Release 12 December 2018 at 8 am. (EET)
Neste Corporation has made the final investment decision on additional renewable products production capacity in Singapore. The decision is based on a growing global market demand for low-carbon solutions in transport and cities, aviation, polymers and chemicals.
The investment worth approximately EUR 1.4 billion 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. The company's target is to start up the new production line during the first half of 2022.
"Neste is in the business of helping transport and cities, aviation, polymers and chemicals customers make their business more sustainable and will continue to lead the way for renewable products. We are already a global leader in renewable products produced from waste and residues. This investment marks an important step in the execution of our profitable growth strategy globally," says 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. 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.
"The investment will strengthen our competitive advantages which are based on the global optimization of our production and waste and residue raw material usage. With our proprietary NEXBTL technology, renewable products can be refined flexibly from a wide variety of lower quality waste and residues while the end-products retain their high quality. We will leverage the experience gained at our existing sites in Singapore, Rotterdam, the Netherlands and Porvoo, Finland, and thanks to our continuous process and technology development, the new production line will be the best in class worldwide," Vanacker continues.
Neste currently has a renewable products production capacity of 2.7 million tons annually. Of this total, over one million is produced in Singapore, the same amount in Rotterdam in the Netherlands and the rest in Porvoo, Finland. Before the new production line in Singapore, we will continue eliminating bottlenecks in our existing production, bringing the existing capacity to 3 million tons by 2020.
Invitation to briefings for media and analysts
Neste will arrange briefings in English for media and analysts about the investment on Wednesday 12 December, 2018.
- Briefings for the media on 12 December:
- A conference call for investors and analysts will be held on 12 December 2018, at 3 pm Finland / 1 pm London / 8 am New York. The call-in numbers are as follows: Finland: +358 (0)9 7479 0361, rest of Europe: +44 (0)330 336 9125, US: +1 929 477 0402 , using access code 9925189 . The conference call can be followed at company's website. An instant replay of the call will be available until 19 December 2018 at +358 (0)9 8171 0562 for Finland, +44 (0)20 7660 0134 for Europe and +1 719 457 0820 for the US, using access code 9925189.
Director, Corporate Communications and Brand Marketing
Media inquiries: Carola Oksanen, Assistant to Peter Vanacker, President and CEO of Neste Corporation, tel. +358 50 458 4484
More information: Neste Singapore website
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 2017, Neste's revenue stood at EUR 13.2 billion. In 2018, Neste placed 2nd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com
Neste's renewable products
Neste's renewable products, Neste MY Renewable Diesel™, Neste MY Renewable Jet Fuel™, are part of the solution for reducing emissions in transportation and aviation. Our renewable solutions can also replace fossil raw materials in various chemical industry's applications, such as in the production of renewable solvents and bio-based plastics. With our own NEXBTL technology, we can make top-quality renewable products out of nearly any waste and residue fats and vegetable oils. Neste's renewable products are fully compatible with existing production, logistics infrastructure and engine technology and a "drop-in" alternative to conventional fossil fuels and raw materials.
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