Neste makes progress on Marathon JV, Singapore and Rotterdam projects

May 2, 2022 |

In Finland, Neste continues to implement its growth strategy, and an important step forward was the announcement to establish a 50/50 production joint venture with US-based Marathon Petroleum. The joint venture will produce renewable diesel following a conversion project of Marathon’s refinery in Martinez, California. The closing of the joint venture is subject to customary closing conditions and regulatory approvals, including obtaining the necessary permits, which depend upon certification of a final Environmental Impact Report. Neste’s total investment will amount to approximately EUR 0.9 billion and the project is expected to increase its renewable products capacity by slightly over 1 million tons per annum. Production of renewable diesel is expected to come online in the second half of 2022, and the facility is planned to reach its full annual nameplate capacity of 2.1 million tons by the end of 2023. 

Neste’s ongoing Singapore expansion project and this joint venture will increase its total production capacity of renewable products to 5.5 million tons by the end of 2023 and it will be the only global provider of renewable products with a production footprint in North America, Asia and Europe. 

The project for a possible next worldscale renewables refinery in Rotterdam is in the engineering phase, and it is approaching technical readiness for a final investment decision during the next months. However, the timeline for the decision-making will take into account the current geopolitical situation.

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Category: Fuels

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