2022-06-27 20:00:00 CEST

2022-06-27 20:00:10 CEST


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Neste Oyj - Inside information

Neste invests in its world scale renewable products refinery in Rotterdam


Neste Corporation, Stock Exchange Release / Insider Information, 27 June 2022 at
9 p.m. (EET)
Neste Corporation has made the final investment decision to invest into new
renewable products production capacity in Rotterdam. The decision is based on
demand for renewable products growing substantially with customers' higher
climate ambitions.
Neste's current 1.4 million ton capacity for renewable products in Rotterdam is
the largest in Europe. The Rotterdam refinery expansion investment of
approximately EUR 1.9 billion will expand Neste's overall renewable product
capacity by 1.3 million tons per annum, bringing the total renewable product
capacity in Rotterdam to 2.7 million tons annually, of which sustainable
aviation fuel (SAF) production capability will be 1.2 million tons. The
company's target is to start up the new production unit during the first half of
2026.
“The investment in the expansion of our Rotterdam refinery strengthens our
global leading position in renewable products. It also marks an important step
in ensuring our future competitiveness and our renewables' growth strategy
execution as it will bring a substantial amount of renewable diesel, SAF and
renewable feedstock for polymers and chemicals to our sustainability-focused
customers,” says Matti Lehmus, President and CEO of Neste.
“This investment will further strengthen our competitive advantages which are
based on the global optimization of our production and waste and residue raw
material usage. With our proprietary NEXBTL™ technology, high quality renewable
products can be refined flexibly from a wide variety of lower quality waste and
residues. The new production line - together with our Singapore expansion - will
be best in class in terms of energy efficiency and raw material flexibility,”
continues Lehmus.
Neste currently has a renewable products global production capacity of 3.3
million tons annually. Neste's ongoing Singapore expansion project and the joint
venture with Marathon in Martinez, CA, that is still pending for closing, will
increase the total production capacity of renewable products to 5.5 million tons
by the end of 2023, and make Neste the only global provider of renewable fuels
and renewable feedstock for polymers and chemicals with a production footprint
on three continents. 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.
Neste Corporation
Susanna Sieppi
Vice President, Communications
Video and images for media use (https://brandhub.neste.com/c/84/n6FBiiaN)
Further information: Please contact Neste's media service, tel. +358 800 94025 /
media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET).

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change
and accelerating a shift to a circular economy. We refine waste, residues and
innovative raw materials into renewable fuels and sustainable feedstock for
plastics and other materials. We are the world's leading producer of sustainable
aviation fuel and renewable diesel and developing chemical recycling to combat
the plastic waste challenge. We aim at helping customers to reduce their
greenhouse gas emissions with our renewable and circular solutions by at least
20 million tons annually by 2030. Our ambition is to make the Porvoo oil
refinery in Finland the most sustainable refinery in Europe by 2030. We are
introducing renewable and recycled raw materials such as liquefied waste plastic
as refinery raw materials. We have committed to reaching carbon-neutral
production by 2035, and we will reduce the carbon emission intensity of sold
products by 50% by 2040. We also have set high standards for biodiversity, human
rights and supply chain. We have consistently been included in the Dow Jones
Sustainability Indices and the Global 100 list of the world's most sustainable
companies. In 2021, Neste's revenue stood at EUR 15.1 billion. Read more:
neste.com (https://www.neste.com/)