NESTE MOVES FORWARD WITH EXPANSION OF RENEWABLE PRODUCTS IN SINGAPORE

Neste Corp. (Espoo, Finland; www.neste.com) 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 €1.4 billion will extend Neste’s renewable product overall capacity in Singapore by up to 1.3 million metric tons per year (m.t./yr), bringing the total renewable product capacity close to 4.5 million m.t./yr 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.