MADRID – Finland’s Neste Oyj said on Wednesday that it will spend 1.4 billion euros ($1.59 billion) on increasing its renewable-products output capacity in Singapore amid growing demand for low-carbon solutions in infrastructure and chemicals.
The investment will extend Neste’s renewable-product capacity in Singapore by up to 1.3 million tons a year, bringing the company’s total capacity close to 4.5 million tons annually in 2022.
Neste’s target is to start up the new production line during the first half of 2022.
The company currently has a renewable-products production capacity of 2.7 million tons annually. Of this total, more than one million tons are produced in Singapore.
A similar amount is produced in Rotterdam in the Netherlands and the rest is produced in Porvoo, Finland.
Before the new production line in Singapore is complete, the company said it will continue eliminating existing production bottlenecks, bringing its capacity to 3 million tons by 2020.
Neste is an oil refiner and producer of renewable diesel and jet fuel.