Neste acquires Bunge’s refinery plant for €258 million
Neste has agreed to acquire Bunge Loders Croklaan’s refinery plant located in Rotterdam, the Netherlands for a purchase price of 258 million euros. The refinery plant is located next to Neste’s existing biorefinery and it consists of a pretreatment facility, tank farm, jetties and has a pipeline connection to Neste’s site. The closing of the transaction is subject to the fulfillment of customary closing conditions and regulatory approval. The transition will be implemented in phases with the refinery plant’s full pretreatment capacity available for processing Neste’s feedstock by the end of 2024.
“The acquisition of the refinery plant supports our global growth strategy in renewables. It allows us to accelerate the scaling up of our renewable raw material pretreatment capacity, which is an important driver for expanding the use of waste and residue feedstocks and increasing our feedstock flexibility. We are committed to increasing the share of waste and residues in our renewables feedstock mix to 100% by 2025 and to grow our production platform to enable over 20 million tons of greenhouse gas reductions for our customers by 2030,” says Neste’s President and CEO Peter Vanacker.
To meet the growing demand of renewable diesel, sustainable aviation fuel and feedstock for chemicals, Neste focuses on building a global feedstock and production platform for renewables. Neste will expand its renewables annual production capacity from 3.2 to 4.5 million tons by the first quarter of 2023, of which the Singapore facility expansion will provide 1.3 million tons. The now acquired refinery offers further pretreatment capacity and terminal infrastructure to handle the increasingly complex waste and residue feedstocks, and supports further growth in production capacity beyond 2023.
Neste is the world’s leading producer of renewable diesel and sustainable aviation fuel produced from waste and residue raw materials,
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Submitted by: Press release