Neste invests $2 billion in Rotterdam renewable products refinery
Posted on June 30, 2022
Neste Corporation has made the final investment of €1.9 billion ($2 billion) into new renewable products production capacity at the Port of Rotterdam, as customers’ demand for sustainability grows.
Neste’s current 1.4-million-ton capacity for renewable products in Rotterdam is the largest in Europe.
The Rotterdam refinery expansion investment is set to expand Neste’s renewable product capacity by 1.3 million tons per annum, bringing the total renewable product capacity in Rotterdam to 2.7 million tons annually – including 1.2 million tons for sustainable aviation fuel (SAF), a recent statement said.
The company is looking 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,” said Matti Lehmus, President and CEO of Neste.
“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.
“This investment will further strengthen our competitive advantages which are based on the global optimisation of our production and waste and residue raw material usage.”
Upon completion, the company said the Rotterdam expansion project will further increase its total production capacity of renewable products to 6.8 million tons by the end of 2026.
The terminal acts a hub for hydrogen imported in the form of ammonia from regions with ample natural gas and renewable resources such as the Middle East and North Africa to meet Europe’s expected future hydrogen deficit.
The contractor, along with its joint venture partner McLean Contracting Company, recently signed a contract with the Port of Virginia for the provision of upgrades to the Norfolk International Terminals (NIT) in Norfolk, Virginia. The NIT is a semi-automated container terminal that comprises three different sections; the North terminal, the South terminal and the Central… Read More
Brazil’s Lula administration this month embarked on a privatisation drive to see the nation’s port terminals in private hands – a move coinciding with a damning report on the state of its shipping sector. A working group of Hidrovias do Brasil, Port of Açu and Wilson Sons has launched a Manifesto for Innovation in the Maritime… Read More
The federal funding deal signed into law by President Joe Biden last Friday includes nearly $26 million set aside for Central Coast harbors and ports to fund dredging and other upkeep work. The funding was sought by Congressman Salud Carbajal over the past year of negotiations over the federal budget for Fiscal Year 2024. “The… Read More
The US Department of Treasury Feb. 27 outlined a set of new sanctions targeting Iran’s support of Russia and the Houthi rebels, including new sanctions on two oil tankers that Treasury alleges have helped fund Iran’s military activities. The measures are targeted to Iran’s involvement with regional terror groups and Russia’s military supply chains, said… Read More
The Federal Government has revealed that it has proposed a $1bn investment for the rehabilitation of the nation’s ports. The Minister of Marine and Blue Economy, Gboyega Oyetola, revealed this in a statement while addressing the House of Representatives Committee on Privatisation on Thursday in Abuja. He noted that the government has not fully reaped… Read More