By Dominic Chopping

 

Neste Oyj said late Monday that it has decided to invest 1.9 billion euros ($2 billion) to expand renewable products production capacity in Rotterdam, Netherlands.

The Finnish renewable fuels producer currently has 1.4 million tons of renewable products capacity in Rotterdam and the Rotterdam refinery expansion will expand its overall renewable product capacity by 1.3 million tons a year, bringing the total renewable product capacity in Rotterdam to 2.7 million tons annually, of which sustainable aviation fuel production capability will be 1.2 million tons, it said.

The company's target is to start up the new production unit during the first half of 2026.

"The investment...will bring a substantial amount of renewable diesel, sustainable aviation fuel and renewable feedstock for polymers and chemicals to our sustainability-focused customers," Neste Chief Executive Matti Lehmus said.

Neste currently has renewable products global production capacity of 3.3 million tons annually. Its ongoing Singapore expansion project and the joint venture with Marathon Petroleum Corp. in California will increase total production capacity of renewable products to 5.5 million tons by the end of 2023, it said.

When completed, the Rotterdam expansion project will further increase the company's total production capacity of renewable products to 6.8 million tons by the end of 2026, it said.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

(END) Dow Jones Newswires

June 28, 2022 02:59 ET (06:59 GMT)

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