Neste Oil (NEF.DE) plans to invest approximately 550 million Euros (US$814 million) to build the world’s largest renewable diesel plant in Singapore.
The plant will have a design capacity of 20,000 barrels, the company says, and will use palm oil as its primary feedstock, though it will be capable of using soy oil or animal fat as well.
The company says the investment is part of a goal to become the world’s leading renewable diesel producer, and will be based on Neste Oil’s proprietary NExBTL technology. The first NExBTL facility was commissioned in Finland at Neste Oil’s Porvoo refinery in summer 2007, and a second is due to come on stream there in 2009.
Neste says NExBTL Renewable Diesel is a good performer in environmental terms, claiming that total lifecycle greenhouse gas emissions are 40-60% less than those of conventional diesel fuel, when sustainably sourced raw materials are used for its production.
Neste Oil has committed itself to only using palm oil certified by the Roundtable on Sustainable Palm Oil (RSPO), once sufficient quantities are available. Palm oil complying with the RSPO certification system, which was approved in November 2007, will probably be available from the early part of 2008 onwards.
However, it should be noted that Greenpeace has said the certification scheme is inadequate for protecting the worlds rainforests, which are being cut to make way for palm plantations to meet the growing demand for palm oil.
About Neste Oil
Neste Oil Corporation is a refining and marketing company focused on advanced, clean traffic fuels, with a strategy that prioritizes growing its refining and premium-quality renewable diesel businesses. Neste Oil’s refineries are located at Porvoo and Naantali in Finland.
Loading...