Neste’s ownership in Neste Demeter increases

Published by Poppy Clements, Assistant Editor
Hydrocarbon Engineering, Wednesday, 08 November 2023 09:30

Neste, a producer of renewable fuels from waste and residues, has acquired 29% of the shares of Neste Demeter B.V., increasing Neste’s ownership to 80% of the company. Neste has also agreed to acquire the remaining shares of Neste Demeter B.V. over the next few years as agreed with the minority shareholders. Neste announced on 3 September 2018 the acquisition of 51% of the shares of IH Demeter B.V., making Neste the controlling shareholder.

“The partnership between the minority owners of the company and Neste has been successful. I am pleased that we have now agreed to take full ownership of Neste Demeter while continuing the cooperation with the minority owners. Neste Demeter is an important part of our raw material supply and this is a step forward in our strategy of building a global waste and residue raw material platform to secure raw material availability and competitiveness,” said Carl Nyberg, Neste’s Executive Vice President of Renewables Supply Chain and Sustainability.

Neste’s current capacity for renewable products in Rotterdam, the Netherlands, is the largest in Europe. Neste made the final investment decision (FID) to invest into new renewable products production capacity in Rotterdam in June 2022, with targeted start up during the first half of 2026. The Rotterdam refinery expansion investment of approximately €1.9 billion will expand Neste’s overall renewable product capacity to a targeted 6.8 million t globally by the end 2026.

Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/08112023/nestes-ownership-in-neste-demeter-increases/

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