Neste Oil Corporation
Stock Exchange Release
15 November 2010 at 11 am (EET)
Neste Oil starts up its new renewable diesel plant in Singapore
Neste Oil has started up the world's largest renewable diesel plant in Singapore. Production of NExBTL renewable diesel will be ramped up on a phased basis. The plant was completed on-schedule and on-budget and marks a major step forward in Neste Oil's clean traffic fuel strategy.
"We are very proud of the new plant and the NExBTL technology behind it, which is based on our in-house R&D. NExBTL represents a major Finnish innovation in the field of renewable fuels and we believe that it has excellent potential in the global marketplace," according to President & CEO Matti Lievonen.
Neste Oil's NExBTL renewable diesel is a premium fuel that is compatible with all diesel engines and existing fuel distribution systems. It offers excellent performance at low temperatures and can be used either blended with fossil diesel or as such. NExBTL enables a 40-80% reduction in greenhouse gas emissions to be achieved compared to fossil diesel. Its lower tailpipe emissions also make a valuable contribution to enhancing overall air quality.
"The benefits of NExBTL renewable diesel have been confirmed in numerous trials and everyday use, and the feedback that we have received from users has been excellent," says Lievonen.
The Singapore plant has a capacity of 800,000 t/a and cost around 550 million to build. The plant has approximately 120 employees. Neste Oil has a similar-sized facility under construction in Rotterdam, which is due to be commissioned in the first half of 2011. The company already operates two renewable diesel plants that came on stream at Porvoo in Finland in 2007 and 2009 with a combined capacity of 380,000 t/a. The main markets for NExBTL diesel are Europe and North America.
Neste Oil Corporation
Director, Corporate Communications
Jarmo Honkamaa, Deputy CEO and Executive Vice President, Renewable Fuels, tel. +358 10 458 4758
Ilkka Poranen, Senior Vice President, Production and Logistics, tel. +358 10 458 5070
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company is the world's leading supplier of renewable diesel. Neste Oil's refineries are located at Porvoo and Naantali in Finland and have a combined crude oil refining capacity of approx. 260,000 bbl/d. The company had net sales of EUR 9.6 billion in 2009, employs around 5,100 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and is featured in the Ethibel Pioneer Investment Register. It has been awarded 'Best in Class' recognition for its social accountability by the Norwegian bank, Storebrand, and is on Innovest's Global 100 list of the world's most sustainable corporations. Forest Footprint Disclosure (FFD) has ranked Neste Oil as the best performer in the oil & gas sector. Further information: www.nesteoil.com.