On 12 December 2018, Finnish energy giant Neste announced it has reached final investment decision to increase its biofuels production capacity in Singapore by up to 1.3 million tonnes per annum. The S$2.2 billion (1.4 billion euros) investment is the single biggest investment in Neste’s history, and is based on a growing demand for low-carbon solutions.
The new production line will begin in 2022 and will have 100 new employees. Over 6,000 people will be employed for the construction process which will start in 2019. It will be located next to another existing Neste facility in Tuas, which currently hires 120 people. The S$1.2 billion existing facility went onstream in 2010 and has a capacity of one million tonnes per annum. The plants take up 19 ha each.
Mr Khalil A Bakar, Deputy Director, Energy & Resources, Singapore Economic Development Board, said: "With a growing demand for cleaner fuels globally, our partnership with Neste will be important in helping us combat climate change, whilst growing the energy industry and our overall economy in a competitive and sustainable manner."
