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Source: http://www.channelnewsasia.com/stories/sin.../314761/1/.html Finnish refiner to build world's largest biodiesel plant in S'pore By Melvin Yong, Channel NewsAsia | Posted: 30 November 2007 1659 hrs SINGAPORE: Singapore's biodiesel industry got a boost on Friday. Neste Oil, a refiner from Finland, said it has decided to invest nearly S$1.2 billion to build the world's largest biodiesel plant in Singapore. In a statement, Neste said the plant will have a design capacity of 800,000 tonnes each year. This will make it the largest facility producing diesel fuel from renewable feedstock anywhere. The plant will use mostly palm oil for raw material. The company said it chose Singapore because it is the world's third-largest centre for oil refining. Singapore is also a central location in terms of product and feedstock flows and logistics. Neste believes this will give Singapore excellent potential to develop into a centre for Asian biofuel production. The Economic Development Board will also support the investment by helping with research and development, as well as assisting with recruiting and training personnel. Construction of the plant at Tuas will start in the first half of next year and it is due to be completed by the end of 2010. The plant will be integrated into the area's existing industrial infrastructure, and will make use of local site utilities and port and storage services. When operational, the plant will employ around 100 people. Analysts say the move is positive for Singapore. ABN AMRO Asia Securities' investment analyst Nirgunan Tiruchelvam said: "..... it places Singapore as a hub in the biodiesel industry. There has been a few other developments earlier this year and last year where other companies have set up biodiesel facilities in Singapore because of its superior logistics." According to Neste, the use of biofuels is predicted to increase rapidly in developed economies over the next few years. For now, though, analysts believe the plant's impact on Singapore's economy will be minimal. ABN AMRO Asia Securities' Nirgunan Tiruchelvam said: "The production being anticipated in this biodiesel facility is a small percentage of the petroleum requirements of this country. So the impact on the Singapore economy per se will be quite minimal. However it may encourage other players in the biodiesel industry to ramp up capacity in Singapore." - CNA/ir

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