Neste Corporation, Press Release, 3 October 2022 at 8:00 a.m. (EET)
Photo: Renewable plastics supply chain
Neste, Idemitsu Kosan, CHIMEI and Mitsubishi Corporation have agreed to build a renewable plastics supply chain utilizing bio-based hydrocarbons (Neste RE™) for the production of styrene monomer (i.e. bio-SM), and its mass balanced renewable plastics derivatives including acrylonitrile butadiene styrene (i.e. bio-ABS*). The bio-SM production in Japan and the renewable plastics production in Taiwan will mark the first of such production in each country, and they are planned to take place in the first half of 2023.
Neste, the world’s leading producer of renewable and circular feedstock for the polymers and chemicals industry uses, will provide Neste RE to Idemitsu Kosan, the biggest SM manufacturer in Japan. For this collaboration, Neste RE is produced from 100% bio-based raw materials such as waste and residues and its use can significantly reduce greenhouse gas (GHG) emissions compared with conventional fossil feedstock use.
Idemitsu Kosan will then produce bio-SM based on the mass balance method and supply it to CHIMEI, the biggest ABS manufacturer in the world for its renewable plastics production. Mitsubishi Corporation will be coordinating the collaboration between the value chain partners to develop the renewable products’ market.
Through developing an even stronger partnership and closer collaboration than conventionally seen in plastics value chains, the companies are introducing new renewable contents into the value chain to enable plastic production where fossil feedstock has been replaced with renewable feedstock. With this, the companies are contributing to the plastics industry GHG emission reduction targets and the transition towards a low-carbon emission society.
*) ABS resin is a thermoplastic polymer made from acrylonitrile, butadiene and styrene monomer, and given its properties of impact resistance, toughness, and rigidity, it is used across different sectors which include automobile, electronics and toys.
Vice President, Communications
Neste: Please contact Neste's media service, tel. +358 800 94025 / firstname.lastname@example.org (weekdays from 8.30 a.m. to 4.00 p.m. EET).
CHIMEI: Media Contact +886-6-2663000 ext.1582 / email@example.com
Idemitsu Kosan: Public Relations Department Public Relations Section, https://www.idemitsu.com/en/contact/flow/index.html
Mitsubishi Corporation: Inquiry Recipient, tel.+81-3-3210-2171 / facsimile:+81-3-5252-7705
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 sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2021, Neste's revenue stood at EUR 15.1 billion. Read more: neste.com
CHIMEI is a Taiwan-based performance materials company that designs and manufactures advanced polymer materials, synthetic rubbers, and specialty chemicals. Companies from around the globe seek out CHIMEI to boost their products' performance and durability, find a breakthrough in aesthetics, raise their production efficiency, and reduce their environmental impact. Discover how CHIMEI helps businesses aim higher, and steps up to its global responsibilities, at www.chimeicorp.com.
Idemitsu Kosan Co.,Ltd.
Headquarters: 2-1, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8321, Japan
Main Operations: Idemitsu Kosan Co.,Ltd. is a global energy company whose main business is oil refining and sales of petroleum & petrochemical products.
We commit to the security of a stable energy supply, while transforming into a resilient business entity, answering to an ever changing economic and environmental needs of the society, by expanding the following five business segments both domestically and abroad:
Petroleum, Basic Chemicals, Functional Materials, Power & Renewable Energy, and Resources.
Representative: Representative Director & Chief Executive Officer Shunichi Kito
Year of Establishment: 1940
Headquarters: 2-3-1 Marunouchi, Chiyoda-ku, Tokyo
Main Operations: MC engages in a wide range of businesses spanning multiple industries and overseen by its Industry DX Group and 10 industry-specific Business Groups: Natural Gas, Industrial Materials, Petroleum & Chemicals Solution, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution, and Urban Development.
Representative: President & CEO Katsuya Nakanishi
Year of Establishment:1954