12/12/2018 HELSINKI, (Reuters) - Finnish biofuel producer and oil refiner Neste said on Wednesday it would invest about 1.4 billion euros ($1.6 billion) in biofuel production capacity in Singapore. The investment will boost Neste’s renewable production capacity to 4.5 million tonnes annually by 2022 from a current 2.7 million tonnes. “The decision is based on a growing global market demand for low-carbon solutions in transport and cities, aviation, polymers and chemicals,” Neste said in a statement. Neste currently makes biofuels in Singapore and Rotterdam and it also has two conventional oil refineries in Finland. ($1 = 0.8790 euros) (Reporting by Jussi Rosendahl Editing by Alexandra Hudson)
Germany 's Neste is set to expand its annual renewable production capacity to 4.5 million tonnes by 2020 , after announcing plans to invest € ##500 ( $ 1.6bn ) in a Singapore biofuel plant . The company , with a current capacity of 2.7 million tonnes , said the move was in response to " growing global market demand " for low - carbon fuels in several sectors , including transport and chemicals .