Neste has expanded the feedstock options offered under the Neste Re brand for the polymers and chemicals industry with the introduction of a new co-processed renewable offering. The feedstock is produced by co-processing renewable raw materials, like used cooking oil, with fossil crude oil at its Porvoo, Finland refinery. The process results in a drop-in feedstock with a significantly reduced carbon footprint compared to traditional fossil feedstocks, which represents a complementary solution to existing renewable and recycled Neste RE.
A mass balance approach is utilised to attribute the renewable raw materials used in the process.
“Our goal is simple: reduce the use of fossil raw materials in the chemicals industry,” explains Jeroen Verhoeven, Commercial Director for Polymers and Chemicals at Neste. “With co-processing of renewable raw materials, we are expanding our offering for the chemicals industry. At the same time, it marks another step in the gradual transformation of our crude oil refinery in Porvoo into a renewable and circular solutions refining hub.”
The co-processed feedstock opens up a third pathway for creating Neste RE. To date, Neste’s production methods have involved using 100% renewable raw materials derived from the company’s renewables refineries based on its proprietary NEXBTL technology and chemical recycling of circular raw materials such as hard-to-recycle plastic waste.
With this new co-processed Neste RE feedstock for the polymers and chemicals industry, Neste is building on experience gained in the co-processing of renewable raw materials into marine fuel and heating liquids. The company is the world’s leading producer of sustainable aviation fuel (SAF) and renewable diesel, as well as a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals. Its ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe. It is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has consistently been included in the CDP and the DJSI lists of the world’s most sustainable companies. In 2023, Neste's revenue stood at €22.9 billion.