World News
Neste and Bayer Partner to Develop Biofuel Feedstock in the US
Finnish refinery Neste and global enterprise Bayer have signed a memorandum of understanding to increase the production of winter canola and explore its utilisation as a feedstock for biofuels.
Neste says this partnership is part of its strategy to develop biofuel feedstocks derived from regenerative farming practices.
“The aim is to identify the most promising concepts that can be scaled up and can play an important role in diversifying and growing Neste’s raw materials pool for renewable products,” Neste said in a statement on its website on Wednesday.
Winter canola is a type of canola plant typically grown in regions with colder climates. As a biofuel feedstock, winter canola is used to produce vegetable oil, which can be processed into biodiesel.
By cultivating winter canola using regenerative farming practices it further boosts soil health. However, several environmental NGOs have criticised the use of crop-based biofuels due to concerns about food security.
Neste has been an active biofuel bunker supplier. The company, along with KPI OceanConnect, recently supplied HVO100 to a cruise ship in Singapore.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 575.00 | 0.50 | 700.50 | 3.50 |
| Rotterdam | 535.00 | 0.50 | 673.00 | 5.00 |
| Houston | 570.50 | 0.00 | 711.00 | 1.00 |
| Fujairah | 569.00 | 1.00 | 755.00 | 0.50 |
| Global 20 Ports Average | 591.50 | 1.00 | 775.00 | 2.00 |
| Global 4 Ports Average | 562.50 | 0.50 | 710.00 | 2.50 |
| Global Average Bunker Price | 630.00 | 1.00 | 815.00 | 1.50 |
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