December 12 (Renewables Now) - Finnish group Neste Corp (HEL:NESTE) today unveiled plans to invest some EUR 1.4 billion (USD 1.6bn) in increasing its renewable products manufacturing capacity in Singapore over the next four years.
The oil and renewable products maker has taken a final investment decision on the project that will see it add up to 1.3 million tonnes per year for a total of almost 4.5 million tonnes in 2022 with the commissioning of a new production line. The additional capacity for marking renewable products from waste and residues will be fired up in the first half of 2022.
“This investment marks an important step in the execution of our profitable growth strategy globally,” said president and CEO Peter Vanacker. The Finnish company explained that the initiative aims to meet rising demand for low-carbon solutions in the transport, aviation and chemicals industries, as well as in cities.
At present, Neste’s annual renewable products manufacturing capacity stands at 2.7 million tonnes. Singapore and the Netherlands are each home to production bases for over 1 million tonnes, while the remaining capacity is in Finland. The company says it will cut bottlenecks in its existing production so as to lift the overall capacity to 3 million tonnes by 2020, prior to launching the new Singaporean line.
(EUR 1.0 = USD 1.133)