Stock Exchange Release
21 December 2015 at 8.30 a.m. (EET)
Re-instatement of US Blender's Tax Credit supports Neste's result
On 18 December 2015, the US Blender's Tax Credit (BTC) was approved retroactively for the year 2015 and prospectively for 2016. In the US qualified biofuel blenders are eligible for a Blender's Tax Credit of $1.00 per gallon of biodiesel or renewable diesel used in the blending process. The retro-active reinstatement of the BTC is expected to improve Neste's comparable operating profit by more than EUR 100 million in 2015, and the respective cash flow is expected to be received during the first half of 2016.
Neste is an active player in the US renewable fuel market. Neste's renewable diesel is used by several American refiners and blenders to help them meet their federal obligations per the Renewable Fuel Standard and also several state obligations, most notably California's Low Carbon Fuel Standard. In addition, many public and private fleets in the US have chosen to use Neste's renewable diesel to reduce their carbon footprint and lower their tailpipe emissions, in order to fight climate change and improve the air quality.
Director, Corporate Communications
Kaisa Hietala, Executive Vice President, Renewable Products, Neste, tel. +358 50 458 4128
Neste in brief
Neste is a forerunner in oil refining and renewable solutions. We offer our customers cleaner traffic solutions and industrial products based on cutting-edge research. Our sustainable practices have received recognition in the Dow Jones Sustainability World Index and the Global 100 list of the world's most sustainable companies. In 2014, our revenue amounted to EUR 15 billion. Neste shares are listed on NASDAQ Helsinki. Cleaner traffic, energy and life are moved forward by 5,000 professionals. Learn more at neste.com