TOKYO, July 16, 2024 - (JCN Newswire) - Neste and Mitsubishi Corporation (MC) have agreed to establish a strategic partnership focusing on developing value chains for renewable chemicals and plastics for and with Japanese brands.

Neste and Mitsubishi Corporation agree on strategic partnership to develop supply chains for renewable chemicals and plastics. The partners are targeting brands in industries such as food and beverage, apparel, and consumer electronics. Through the partnership, Neste and MC aim to accelerate their efforts to build defossilized supply chains for brand owners in Japan.

Photo: Signing ceremony between Neste and Mitsubishi Corporation with Carrie Song, Senior Vice President, Commercial at Neste Renewable Products and Yoshiyuki Watanabe, Division COO, Business Development Div. at Mitsubishi Corporation. Source: Mitsubishi Corporation

In the course of the cooperation, Neste will provide its expertise in sustainability and more sustainable materials, also in the form of renewable Neste RE, a bio-based raw material for plastics production. MC will provide its strong experience in business development and supply chain management of petrochemical products and derivatives in the region. Together, the partners will offer comprehensive solutions for Japanese brands looking to reduce greenhouse gas (GHG) emissions and reliance on fossil resources in their supply chains.

Neste and MC have already cooperated on several individual projects in the past, including a collaboration with other partners to enable the production of renewable PET bottles for Suntory Holdings Limited as well as a multi-party collaboration to produce apparel from bio-based materials for Goldwin Inc.

"Through this partnership, we will be able to provide sustainability-minded companies in Japan with a full package to reduce their plastics-related GHG emissions," says Carrie Song, Senior Vice President, Commercial at Neste Renewable Products. "Together, we can provide the materials and the know-how. Together, we can also get the materials into the value chains, making it easier for companies to make the switch to more sustainable solutions."

"Our strength lies in our capability to establish supply chains and access a wide variety of brand owners in Japan," says Yoshiyuki Watanabe, Division COO, Business Development Div. at Mitsubishi Corporation. "We have cultivated this strength over many years through traditional trading and strategic investments in collaboration with trusted partners. Recognizing that these achievements cannot be made alone, we are eager to strengthen our relationship with Neste. We are thrilled to expand our network to include partners who share similar values, thereby generating economic, societal and environmental benefits to meet the needs of society."

Moving forward, Neste and Mitsubishi Corporation will accelerate the transition from fossil to renewable plastics under this strategic partnership, contributing to the early realization of a defossilized society in the materials sector.

About Neste

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials.

As the world's leading producer of sustainable aviation fuel and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, Neste helps its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030.

The company's ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world's most sustainable companies. In 2023, Neste's revenue stood at EUR 22.9 billion. Read more: neste.com

About Mitsubishi Corporation

Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its global network of around 1,800 group companies.

MC has eight Business Groups that operate across virtually every industry: Environmental Energy, Materials Solution, Mineral Resources, Urban Development & Infrastructure, Mobility, Food Industry, Smart-Life Creation and Power Solution. Through these eight Business Groups, MC's current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe.

With an unwavering commitment to conducting business with integrity and fairness, MC remains fully dedicated to growing its businesses while contributing to a prosperous society.

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Mitsubishi Corporation

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Neste Media Service (weekdays from 8:30 a.m. to 4:00 p.m. EET)

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Source: Mitsubishi Corporation

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