Neste, the world’s leading producer of renewable diesel fuels and environmentally friendly aviation fuels, acquires Bunge Loders Croklaan refinery in Rotterdam for €258 million. The Finnish company reported on Tuesday.

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“The refinery acquisition supports our global renewable energy growth strategy. This allows us to accelerate the expansion of our pretreatment capacity for renewables. We aim to increase the share of renewables to 100% (in our production) by 2025,” said the President and Neste CEO Peter Wanaker.

It is clarified that the acquired refinery is located next to another refinery already owned by Neste since 2011, they are connected by a pipeline.

The deal requires regulatory approval. Full production consolidation is expected to occur by the end of 2024.

The company produces biodiesel from renewable raw materials at plants in Finland, Singapore, and the Netherlands. The Neste Refinery in Rotterdam, together with the Refinery in Singapore, are the world’s largest and most modern renewable fuel refineries. In 2019, Neste opened an office in Amsterdam that serves as a global hub for the growing renewable energy business for aviation.

Neste is a producer of biofuels and bioplastics, engaged in oil refining and retailing of petroleum products through its own network of filling stations in the Baltic States and Finland. In 2019, Neste generated revenues of 15.8 billion euros, with 82% of the company’s comparable operating income coming from renewable energy products. The largest owner of the company (46.49%) is the government of Finland. The shares are listed on the Nasdaq stock exchange in Helsinki.