Neste Oil welcomes European Parliament vote on biofuels
Neste Oil Corporation
Press release 17 December, 2008
Neste Oil welcomes the European Parliament's adoption today of the EU Renewables Directive by an overwhelming vote of 635 in favor with 25 against and 25 abstentions.
Jarmo Honkamaa, Executive Vice President, Neste Oil’s Renewable Fuels Division said:
"The strict sustainability criteria for biofuels, that count towards the 2020 target of at least 10% of the EU's total fuel consumption sourced from renewable energy, sets a standard for the rest of the world to follow.
"Neste Oil will satisfy the requirement that eligible biofuels save at least 35% of greenhouse gas (GHG) emissions compared to fossil fuels. Our NExBTL renewable diesel produces 40-60% less CO2 throughout the whole product lifecycle.
"Double-counting second-generation biofuels and requiring higher rates of GHG reductions from 2017 will put a disciplined focus on R&D and commercialization and is particularly welcome.
"We believe that high standards of sustainability are essential to the long term success of the renewable fuels industry. Renewable fuels made from sustainable feedstocks can make an important contribution to reducing transport CO2 emissions," he said.
NESTE OIL CORPORATION
Jarmo Honkamaa, Executive Vice President, Neste Oil’s Renewable Fuels Division, Neste Oil;
Simo Honkanen, Vice President, Renewable Fuels Division, Neste Oil,
Tel: +358 50 458 4170
Neste Oil in Brief:
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company's strategy is based on growing both its oil refining and premium-quality renewable diesel businesses. Neste Oil's refineries are located in Porvoo and Naantali and have a combined crude oil refining capacity of approx. 260,000 barrels a day. The company had net sales of EUR 12.1 billion in 2007 and employs around 5,200 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki. www.nesteoil.com.
NExBTL, developed and produced by Neste Oil, is the cleanest renewable diesel fuel available today. It offers significant reductions in both greenhouse gas emissions and pollution compared to fossil diesel fuel. The precise reductions in greenhouse gases depend on the raw materials used in production. Neste Oil requires its feedstock suppliers to meet strict sustainability criteria. Tests have shown NExBTL to produce 40-60% less CO2 throughout the whole product lifecycle. NExBTL can be used in any blend, and it does not require modifications to the existing vehicle pool. It can also be used 100% without blending.