Neste to Invest $2 Billion Expanding Renewable Products Capacity in Rotterdam
28 June 2022 - 08:14AM
Dow Jones News
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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