Neste has invested €1.4 billion (£1.26bn) in its renewable fuels plant in Singapore.
The funding boost will extend the firm’s renewable product capacity in Singapore by up to 1.3 million tonnes per annum, bringing the company’s total renewable product capacity close to 4.5 million tonnes annually by 2022.
It aims to start up the new production line during the first half of 2022 – the finance decision comes as global market demand for low carbon solutions relating to transport, cities, aviation, polymers and chemicals grows.
In addition to producing renewable diesel, Neste’s refineries are able to produce renewable aviation fuel and raw materials for a variety of other uses.
Peter Vanacker, President and CEO of Neste, said: “Neste is in the business of helping transport and cities, aviation, polymers and chemicals customers make their business more sustainable and will continue to lead the way for renewable products.
“We are already a global leader in renewable products produced from waste and residues. This investment marks an important step in the execution of our profitable growth strategy globally.”