Neste Oil on track for year-end opening of Tuas plant

Finland’s Neste Oil says it is confident that an EU-sanctioned, in-house environmental audit system by biofuel producers like itself will be in place by the time its Tuas plant starts up at the end of the year. The company will use a “significant amount” of Malaysian and Indonesian palm oil as feedstock for its US$1.2 billion renewable diesel plant in Singapore. Despite some concerns over current eurozone woes and their impact on market demand for its 100% fossil-free renewable diesel, President and Chief Executive Officer (CEO) Matti Lievonen said he remains confident about demand, especially in Europe, which has mandated that renewable fuels should account for 10% of the energy content of transport fuels by 2020. (May 27, 2010)