Neste Oil Corporation
26 April 2012 at 9:20 am (EET)
Neste Oil sold its first batch of NExBTL renewable diesel to the US market
Neste Oil has recently supplied its first batch of NExBTL renewable diesel to the US market. The fuel, which qualifies as an advanced biofuel in the US, was produced at the company's Porvoo refinery in Finland from waste fats.
"We are very pleased to see that legislation on renewable fuels and our ability to meet the import regulations for these types of fuels are progressing in various markets. This enables us to participate and contribute to the greenhouse gas reduction efforts around the world," says Matti Lehmus, Neste Oil's Executive Vice President, Oil Products and Renewables.
"Our entry into the US renewable fuel market is an important milestone for us, as the US represents a major market for premium-quality biofuels. We are also proud of our contribution to the US Renewable Fuel Standard. The RFS regulation enables and encourages the reduction of greenhouse gases and diversification of the US fuel supply. NExBTL renewable diesel is an ideal low-carbon fuel for the US market as it is completely fungible with the existing extensive infrastructure - and is accepted within the existing refinery and pipeline distribution system.
"In addition to the US, we have also expanded our customer base in Europe as well, opening up new opportunities for NExBTL sales as we go forward," continues Lehmus.
Neste Oil's sales of renewable fuels this year have grown as expected, according to the company's Interim Report published today. Neste Oil sold 305,000 tons of NExBTL renewable diesel to several dozens of customers in over ten countries during the first quarter of 2012.
Neste Oil has a long history of supplying premium-quality, low-emission petroleum products, such as gasoline, diesel and base oils, to North America.
"We look forward to continued participation by helping US refiners and blenders meet their renewable volume obligation with our NExBTL renewable diesel."
Neste Oil Corporation
Director, Corporate Communications
Matti Lehmus, Executive Vice President, Oil Products and Renewables, tel. +358 (0)50 458 4072
Kaisa Hietala, Vice President, Market Development, tel. +358 (0)50 458 4128
Photos for media use attached.
Neste Oil in brief:
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. Neste Oil had net sales of EUR 15.4 billion in 2011 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and the Ethibel Pioneer Investment Register, and has featured in The Global 100 list of the world's most sustainable corporations for a number of years. Forest Footprint Disclosure (FFD) has ranked Neste Oil as one of the best performers in the oil & gas sector. Further information: www.nesteoil.com
NExBTL renewable diesel in brief:
Based on Neste Oil's proprietary technology, premium-quality NExBTL renewable diesel is the most advanced diesel fuel on the market today. It easily outperforms both conventional biodiesel and fossil diesel, and is suitable to be used in all modern diesel engines without any modifications. The fuel can be used as such or as a high-quality bio-component blended with fossil diesel or conventional biodiesel. Unlike conventional biodiesels, NExBTL renewable diesel meets even the most stringent requirements set by automotive manufacturers and offers excellent performance at very low temperatures. It is fully compatible with existing distribution and logistical systems and requires no additional investments in this area.
NExBTL renewable diesel has been shown to reduce greenhouse gas emissions by 40-80% over the product's entire life cycle when compared to fossil diesel. Its lower tailpipe emissions also make a valuable contribution to enhancing overall air quality. The fuel can be produced flexibly by hydrotreating various vegetable oils, animal-based waste fats, and by-products of vegetable oil refining. All the renewable raw materials used for NExBTL production are sustainably produced, fully traceable, and comply with the EU Renewable Energy Directive's strict sustainability criteria.