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    NESTE   FI0009013296

NESTE OYJ

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Neste Oyj : to enable production of up to 500,000 tons/a of Sustainable Aviation Fuel at its Rotterdam renewable products refinery

04/29/2021 | 01:08pm EDT
Neste to enable production of up to 500,000 tons/a of Sustainable Aviation Fuel at its Rotterdam renewable products refinery
Published in Releases and news under Renewable solutions, Aviation

Neste Corporation, Press Release, 29 April 2021 at 8.30 a.m. (EET)

Neste, the world's leading producer of renewable diesel and sustainable aviation fuel produced from waste and residue raw materials, will modify its existing renewables production capacity in Rotterdam, the Netherlands, to enable production of Sustainable Aviation Fuel (SAF). Currently the refinery produces mainly Neste MY Renewable Diesel™. The modifications to the refinery, an investment of approximately EUR 190 million, will enable Neste to optionally produce up to 500,000 tons of SAF per annum as part of the existing capacity.

Neste expects the project to be completed in the second half of 2023. This extends Neste's growing footprint in the Netherlands and demonstrates the shared sustainability ambitions of Neste, the Dutch government, and the Port of Rotterdam in particular. Together with the company's ongoing Singapore refinery expansion, Neste will have the capacity to produce 1.5 million tons of sustainable aviation fuel annually by the end of 2023. Currently Neste's sustainable aviation fuel annual production capacity is 100,000 tons. Neste MY Sustainable Aviation Fuel™, in neat form and over the life cycle, reduces greenhouse gas emissions up to 80%* compared to fossil jet fuel.

"This SAF investment in Rotterdam is another important step for Neste in the execution of our growth strategy: to become a global leader in renewable and circular solutions. We have made a commitment to support our customers to reduce greenhouse gas emissions by at least up to 20 million tons by 2030. And as the aviation industry is likely to resume on a growth trajectory after its recovery from the COVID-19 pandemic, there is a growing need and urgency to act on aviation-related emissions. Here sustainable aviation fuels offer considerable potential'', says Peter Vanacker, President and CEO at Neste.

"Aviation is at a turning point towards a more sustainable future", says Thorsten Lange, Executive Vice President Renewable Aviation at Neste. "This extension of our SAF production capacity will support the aviation industry's efforts to reduce its greenhouse gas emissions and the climate impact in the coming years. We are pleased that we will be ready to meet the growing demand of SAF, also driven by the European Union's climate ambitions which will shortly be translated into a proposal for binding legislation across Europe, not least because of the Netherlands' leading role in this matter. Using SAF gives an immediate reduction of greenhouse gas emissions. It also reduces non-CO2 impacts, which are a large part of the total climate effects of aviation emissions**. And it is already available today."

Additionally, as communicated before, Neste aims at creating readiness for a final investment decision by the Board of Directors for a new world-scale renewable products refinery project in Rotterdam towards the end of 2021 or early 2022.

*) The method used to calculate life cycle emissions and emission reduction complies with the EU Renewable Energy Directive (2009/28/EC).
**) Updated analysis of the non-CO2 climate impacts of aviation and potential policy measures pursuant to the EU Emissions Trading System Directive Article 30(4), EASA, November 2020.

Neste Corporation

Susanna Sieppi
Vice President, Communications

Further information: Thorsten Lange, Executive Vice President Renewable Aviation and Matti Lehmus, Executive Vice President Renewables Platform. Please contact Neste's media service, tel. +358 50 458 5076 / 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 renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. As a technologically advanced refiner of high-quality oil products with a commitment to reach carbon-neutral production by 2035, we are also introducing renewable and recycled raw materials such as waste plastic as refinery raw materials. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world's most sustainable companies. In 2020, Neste's revenue stood at EUR 11.8 billion, with 94% of the company's comparable operating profit coming from renewable products. Read more: neste.com

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Neste Oyj published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 17:07:00 UTC.


© Publicnow 2021
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