Finnish renewable and recycled fuel producer Neste has signed a terminal lease agreement at Tianjin Lingang Port in northeastern China for used cooking oil.
According to Argus Media, Neste wants to increase its supplies of used cooking oil as it expands production of hydrotreated vegetable oil in Singapore and Europe. The exact storage capacity leased has not been revealed.
Demand for used cooking oil as a feedstock is recovering, as is the demand for biodiesel and other transport fuel, as the global COVID-19 pandemic is brought under control. Argus Media reports that Chinese suppliers of used cooking oil are hoping that the development will help to speed the recovery of its price, which has dropped significantly since January.