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2 Mar 2022
Neste to become World’s First Renewable Fuels Supplier with Marathon Alliance
The Index Today
Neste announced on Tuesday that it is expecting to become the world’s first and only purveyor of renewable fuels after partnering with American company Marathon Petroleum Corp.
The Finnish company and Marathon plan to modify the latter’s California-based Martinez refinery into a renewable fuel production hub to manufacture renewable diesel from residual fuels.
Neste’s CEO Peter Vanacker announced in a statement, "We will be the only global provider of renewable products with a production footprint in North America, Asia and Europe." Vanacker also told the press about both companies’ future plans of potentially accommodating a sustainable aviation fuel (SAF) production initiative in California.
The Finnish firm is already foreseeing the construction of a $1.7 billion SAF manufacture facility in Singapore which is expected to begin production in early 2023. Vanacker revealed, "Our ongoing Singapore expansion project and this joint venture will increase our total production capacity of renewable products to 5.5 million tons by the end of 2023."
©Photo: Financial Times