Biofuel producer Neste Corporation has revealed its plans to invest in Singapore to boost renewable energy product capacity in Asia.
The organisation confirmed it will plough €1.4 billion into renewable product overall capacity in Singapore, which it hopes will increase it by 1.3 million tons per annum. This will bring the total capacity to 4.5 million tons per year within the next three years.
President and chief executive officer of Neste Peter Vanacker stated: “This investment marks an important step in the execution of our profitable growth strategy globally.”
It decided to invest in Singapore to meet the growing global demand for low-carbon energy for transportation, cities, aviation, polymers and chemicals.
With this money, it tends to “lead the way for renewable products” and retain its title as a global leader in this field.
Mr Vanacker stated the funding “will strengthen our competitive advantages” by being able to choose between different product solutions, such as renewable aviation fuel and raw materials for various polymers and chemicals materials.
It will also pay for more logistics capabilities, as well as enhanced raw material pre-treatment to enable the use of low-quality waste and residue raw materials.
More than one million tons of Neste’s 2.7 million tons of annual renewable production is formed in Singapore, with this figure set to increase following the cash injection.
This investment could also be a reaction to the growing demand for biofuels in Asia, after the Ministry of Industry and Trade for Vietnam revealed that consumption of E5 RON 92 has increased by 31 per cent over the last year alone, Vietnam News reported.
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