The refinery plant is located next to Neste’s existing biorefinery and it consists of a pretreatment facility, tank farm, jetties and has a pipeline connection to Neste’s site.
The acquisition has been approved by regulatory authorities, and the transaction was completed on March 1, 2021.
The transition of operations and employees will be implemented in phases with the refinery plant’s full and modified pretreatment capacity available for processing Neste’s feedstock by the end of 2024.
“The completion of this acquisition is an important step forward in delivering on Neste’s global growth strategy in renewables. It allows us to accelerate the scaling up of our renewable raw material pretreatment capacity, which is an important driver for expanding the use of waste and residue feedstocks and increasing our feedstock flexibility,” said Neste’s president and CEO Peter Vanacker.
To meet the growing demand of renewable diesel, sustainable aviation fuel and feedstock for polymers and chemicals, Neste focuses on building a global feedstock and production platform for renewables.
The company will expand its renewables annual nameplate production capacity from the current 3.2 to 4.5 million tons in the first quarter of 2023, of which the Singapore facility expansion will provide 1.3 million tons. The now acquired refinery offers further pretreatment capacity and terminal infrastructure to handle the increasingly complex waste and residue feedstocks, and supports further growth in production capacity beyond 2023.
For more information visit www.neste.com
