There is a new type of biofuel coming to the market and it originated from Singapore. Diesel made from palm oil, vegetable oil and animal fat in Singapore may soon be powering cars in Europe and North America, Finland’s Neste Oil said Friday.
Neste Oil, which is building the world’s biggest biodiesel plant in the city-state at a cost of 1.2 billion Singapore dollars (776 million U.S.), said it was also looking to market the fuel in Japan and South Korea. It will produce Neste Oil’s patented NExBTL renewable diesel which the company said is the cleanest diesel fuel in the world. NExBTL can be used in all diesel engines and significantly reduces exhaust emissions compared with regular diesel, the company said.
Renewable diesel would have a 200-300 U.S. dollar premium per ton over regular diesel but Neste Oil said there was demand because of the benefits of using cleaner fuel. While crude oil prices have plunged from their peak at 147 dollars in July 2008 to current levels around 44 dollars, palm oil prices have also plummeted from 1,245 dollars per ton a year ago to about 526 dollars a ton.
Neste Oil is also building a renewable diesel plant with similar capacity in Rotterdam, the Netherlands which is expected to come on stream after the Singapore facility.
(Source) Tehran Times
Tags: bio fuel, Biofuel, crude oil prices, diesel engines, diesel fuel, european cars, exhaust emissions, neste oil, palm oil prices, singapore dollars, vegetable oil