Finland's Neste to buy 250,000 tonnes of palm oil from Malaysia

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KUALA LUMPUR: Finland's Neste Oil Corporation will buy 250,000 tonnes of palm oil from Malaysia this year for its existing and new biodiesel production plants located in its home country, the company's vice-president for business operations Risto Karppinen said yesterday.

He was speaking to reporters on the sidelines of a palm and lauric oils conference here.

The company produces NExBTL diesel, a hydrocarbon renewable diesel made from raw materials such as palm oil, rapeseed oil and animal fat. Last year, the company bought 160,000 tonnes of palm oil for its NExBTL plant in Porvoo, Finland, which has a production capacity of 170,000 tonnes a year.

Its second and new plant, also located in Porvoo, with an annual production capacity of 170,000 tonnes, will be completed in the fourth quarter. Neste Oil's other renewable fuels projects include NExBTL plants in Singapore and Rotterdam.