As it looks forward to “a year of growth,” Neste, the world’s largest producer of renewable fuels, saw a strong first quarter, according to its latest earnings report. Company president and CEO Matti Lehmus noted Neste’s earnings for the quarter were €830 million, up approximately 44 percent year-over-year, while the comparable sales margin for its renewable products was at a very high level per ton.
According to Lehmus, the sales volume for renewable diesel and sustainable aviation fuel (SAF) of 660,000 tons was clearly lower than in the first quarter last year, curtailed by a fire at the Rotterdam refinery in late 2022. However, its Singapore facility expansion began production last month and, as the repairs to the Rotterdam location are completed, “we are increasing our SAF capabilities both in Singapore and Rotterdam, targeting the optionality to produce annually up to 1.5 megatons of SAF in 2024,” said Lehmus.
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