Neste advances on Marathon JV, Singapore and Rotterdam projects : Biofuels Digest
In Finland, Neste continues to implement its growth strategy, and the announcement of the creation of a 50/50 production joint venture with the American company Marathon Petroleum marked an important step forward.. The joint venture will produce renewable diesel from a Marathon refinery conversion project in Martinez, California. Closing of the joint venture is subject to customary closing conditions and regulatory approvals, including the receipt of necessary permits, which are contingent upon certification of a final environmental impact report. Neste’s total investment will be around €0.9 billion and the project is expected to increase its production capacity for renewable products by just over one million tonnes per year. Renewable diesel production is expected to be commissioned in the second half of 2022, and the facility is expected to reach full annual nameplate capacity of 2.1 million tonnes by the end of 2023.
Neste’s ongoing expansion project in Singapore and this joint venture will increase its total production capacity of renewable products to 5.5 million tonnes by the end of 2023 and will be the only global supplier of renewable products with a footprint of production in North America, Asia and Europe.
The project for a possible next global renewable energy refinery in Rotterdam is in the engineering phase and is approaching technical readiness for a final investment decision in the coming months. However, the timing of decision-making will take into account the current geopolitical situation.