NESTE OIL AND TOTAL TO EVALUATE JOINT VENTURE IN BIODIESEL PRODUCTION
According to the MoU, the companies plan to locate the biodiesel plant to one of Total's oil refineries, and aim to commence production in 2008.
The production of biodiesel will be based on Neste Oil's proprietary NExBTL technology in which high-quality biodiesel fuel is produced from renewable raw materials, such as vegetable oils and animal fats. The NExBTL biodiesel has superior fuel properties and, according to recent fuel tests by leading heavy duty engine manufacturers, it outperforms the conventional biodiesel grades currently on the market.
The NExBTL technology produces synthetic biofuels as defined by the Directive 2003/30/EC on biofuels development in the European Union. As with other biofuels already available in the market, the NExBTL products should benefit from the tax relief aimed at encouraging the production of biofuels.
Neste Oil Corporation
Osmo Kammonen
Senior Vice President, Communications
Further information:
Mr Kimmo Rahkamo, Executive Vice President, Components, Neste Oil, tel. +358 10 458 11
Mr Jyrki Ignatius, Vice President, Biofuels, tel. +358 10 458 11
Neste Oil Corporation is a leading independent Northern European oil refining and marketing company with a focus on advanced clean traffic fuels and lubricants. Neste Oil's refineries are located in Porvoo and Naantali, Finland, and their total refining capacity is about 250,000 barrels per day. The company's net sales in 2004 amounted to some EUR 7,900 million. The company employs around 4,300 people. Neste Oil's shares are listed on the Helsinki Stock Exchange (symbol: NES1V). www.nesteoil.com.
NExBTL (Next Generation Biomass to Liquid) is a new biobased high-quality diesel fuel developed by Neste Oil to meet future biofuel requirements. NExBTL can be produced flexibly from renewable raw materials, practically all kinds of vegetable oils and animal fats. Apart from feedstock flexibility, highlights of NExBTL include excellent fuel properties that meet the highest requirements of automotive industry, as well as remarkably low exhaust emission levels. The first NExBTL 170,000 t/a plant is due to come on-stream in summer 2007 at Neste Oil's Porvoo refinery.