December 12, 2018 / 7:26 AM / 10 months ago

Finland's Neste to boost biofuel capacity in Singapore with $1.6 bln investment

HELSINKI, Dec 12 (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)

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