Neste Oil ready for biodiesel

Finland-based company Neste Oil Corp. is set to produce biodiesel for cars around the world. According to the company, diesel made from palm oil, vegetable oil and animal fat in Singapore may soon be powering cars in Europe and North America. Neste Oil is building what it claims is the world’s biggest biodiesel plant in Singapore at a cost of US$776 million. The plant will produce the company’s patented NExBTL renewable synthetic diesel, which the company said is the cleanest diesel fuel in the world. The plant was originally planned to target the European market, but will supply fuel worldwide. Company executives said the global move towards cleaner fuel in a bid to reduce global warming is likely to drive demand. Singapore was chosen as the refinery’s location partly because its proximity to raw materials. Singapore is close to Indonesia and Malaysia, the world’s two leading crude palm oil producers, Neste Oil said. (March 30, 2009)