Neste Corporation News 9 January 2019
Biofuel Watch published a report “Neste: The Finnish company preparing to put palm oil in aircraft fuel tanks” on 9 January 2019. The report suggests that Neste is looking to palm oil as a key raw material for the expansion of its aviation fuel production, and that the firm cannot guarantee the sustainability of the palm oil it uses.
Neste is not using palm oil as a raw material for renewable aviation fuel. As stated consistently in previous communications, Neste utilises a diverse portfolio of raw materials with an ever expanding focus on waste and residue as sources of feedstock for our renewable products. Waste and residue fats and oils account for nearly 80% of the renewable raw materials we use annually. Our main R&D focus is on finding new, even lower quality wastes and residues. We are currently even exploring ways to start utilizing liquified waste plastic as raw material.
Our announcement in December 2018 to invest in building additional production capacity at our Singapore refinery does not change our approach to raw materials; we will continue focusing on waste and residue raw materials. The project in Singapore will also include additional capacity to pre-treat waste and residue raw materials.
We believe sustainable biofuels have a significant role to play in meeting ambitious climate goals, particularly in those segments of the transportation sector that are difficult to decarbonize such as heavy transport, aviation, and marine.
We will review the Biofuel Watch report in depth.
Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2017, Neste's revenue stood at EUR 13.2 billion. In 2018, Neste placed 2nd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com