by Erin Voegele (Biodiesel Magazine) Neste released financial results for the first half of 2021 on July 27, reporting solid performance for its renewable products segment. Demand for renewable diesel was robust, but feedstock markets were tight, the company reported.
Peter Vanacker, president and CEO of Neste, said that the company’s renewable products business segment continued to be resilient during the first half of the year and was able to maintain a healthy sales margin.
Neste’s renewable products segment posted a comparable operating profit of EUR 287 million for the second quarter he said, down from EUR 314 million during the same period of last year.
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Vanacker said work to expand renewables capacity at the Singapore refinery is proceeding according to schedule. “It should expand our annual renewables production capacity by up to 1.3 million tons during the first quarter of 2023,” he continued.
Neste is also progressing with work to increase the production capacity of sustainable aviation fuel (SAF) at the Rotterdam facility. That expansion project will allow the refinery to produce up to 500,000 tons of SAF annually by the end of 2023. “We are now in the definition phase in preparation for a possible next renewable products refinery in Rotterdam, and aim at investment decision readiness late this year or early 2022,” Vanacker said.
Moving into the third quarter, Neste expects renewable diesel sales to be lower due to a large scheduled maintenance project scheduled at the Singapore refinery. The company also expects waste and residue markets to remain tight. READ MORE