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)
Finland's Neste is set to expand its annual renewable production capacity to 4.5 million tonnes by 2020, after announcing plans to invest €1.4bn ($1.6bn) in a Singapore biofuel facility. 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 solutions in several sectors, including transport and chemicals.