Neste introduces co-processed marine fuel in partnership with Nordic Marine Oil – a new solution for the maritime sector enabling up to 80% GHG emission reduction
Neste Corporation, Press Release, 17 May 2022 at 9.00 a.m. (EET)
Together with its partner Nordic Marine Oil, Neste is piloting a new Neste Marine™ 0.1 Co-processed marine fuel in Scandinavia – a solution helping the maritime sector to reduce the greenhouse gas (GHG) emissions. The ISCC PLUS certified* marine fuel enables up to 80%** GHG emission reduction over the lifecycle compared to fossil fuels without compromising the product quality and performance.
Accounting for 90% of world trade and 13% of global transport emissions, the shipping industry needs solutions to reduce its carbon footprint in a viable way in line with the targets of the International Maritime Organization (source: EU Climate Action, IMO).
“At Neste, we are dedicated to helping our customers and the entire value chain to reduce their GHG emissions. In 2021, our renewable products helped customers to reduce 10.9 million tons of their GHG emissions. Maritime is one of the largest sources of transport emissions. We support shipping companies moving towards carbon neutrality and are introducing the Neste Marine 0.1 Co-processed marine fuel with an immediate emission reduction impact,” says Sveta Ukkonen, Head of Marine Fuels & Services at Neste.
Nordic Marine Oil specializes in the supply of bunker fuels and lubricating oil to the shipping industry. Its storage tanks and bunker barges are located in key ports across Denmark, where also the new marine fuel will be available as of May 2022.
“With extreme enthusiasm, we give our full focus on creating awareness for this low-emission marine fuel. Nordic Marine Oil has started to build its sustainability offering, and the co-processed marine fuel is our first step enabling the shipping industry to reduce its GHG emissions. For cargo owners and charterers, the product is an effortless and cost-efficient opportunity to reduce CO2 emissions in transportation and reach their own climate targets. The emission reduction is immediate and the solution is easy to implement as the shipowners are not forced to make any investments or changes to the vessel engines. Our strong partnership with Neste gives us the opportunity to supply tomorrow’s fuels for the maritime industry already today,” says Steen Møller, CEO of Nordic Marine Oil.
“The maritime sector is combating climate change by all available means. Our new co-processed marine fuel is a competitive and feasible solution for shipping companies, and also for cargo and brand owners looking to reduce their GHG emissions across their value chain,” explains Sveta Ukkonen. “Based on the experiences gathered with Nordic Marine Oil, we will be expanding the availability of the product. The co-processed marine fuel is a strategic step for us to reduce the dependency on fossil resources by replacing crude oil based raw materials partly with renewable raw materials.”
Neste Marine 0.1 Co-processed marine fuel is produced at Neste’s refinery in Porvoo, Finland, where renewable raw materials are co-processed with fossil raw materials in the conventional refining process. The drop-in fuel can be taken in use without any fleet modifications as it has a similar composition to conventional bunker fuels. The co-processed marine fuel is ISO 8217 compliant with consistent refined quality. The sustainability characteristics of the co-processed marine fuel are certified with International Sustainability and Carbon Certification (ISCC PLUS) with a mass balance approach.
*) The ISCC PLUS certificate does not cover GHG verification in the pilot phase.
**) The method used to calculate life cycle emissions and emission reduction is guided by the EU Renewable Energy Directive II (EU)2018/2001.
Neste Corporation
Susanna Sieppi
Vice President, Communications
Further information: Sveta Ukkonen, Head of Marine Fuels & Services, Neste. Please contact Neste’s media service, tel.+358 800 94025 / media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET).
Steen Møller, CEO, Nordic Marine Oil, tel. +45 3842 3240, email: sm@malik.dk
Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2021, Neste's revenue stood at EUR 15.1 billion. Read more: neste.com
Nordic Marine Oil in brief
Nordic Marine Oil is a 100% privately owned and Danish-registered company. The company has experienced significant growth over the past years and now embarks on a green journey. Nordic Marine Oil A/S operates its own oil terminals and bunker vessels in Danish key ports, serving customers from all segments of the shipping industry. Read more: https://nordicmarineoil.dk/en/
