Finland-based Neste, an oil refining and marketing company, announced that it plans to bolster its biofuel production capacity in Singapore with an investment of 1.4 billion euros ($1.6 billion).
The commitment will increase Neste's renewable production capacity to 4.5 million tonnes annually by 2022 from a current 2.7 million tonnes.
Neste said that the investment will enhance its competitive advantages which are based on the development of its production and waste and residue raw material usage.
The new production line is expected to begin in 2022.