Following extended technical, commercial and strategic evaluations UPM plans to discontinue the development of its potential second biomass-to-fuels refinery at the Port of Rotterdam. As a result, UPM plans to halt all engineering work related to the CAPEX investment in Rotterdam and to withdraw from all site-related commitments associated with the Rotterdam investment.
At the same time, UPM will continue to seek growth in biofuels by advancing the development of proprietary technologies enabling the extension of feedstock options to other forms of competitive and sustainable biomass and the work related to the qualification and commercialization of Crude Tall Oil (CTO)-derived UPM biofuels for jet engine fuels.
”Renewable fuels and renewable chemicals are the central elements of UPM’s long-term growth in decarbonization solutions. The Lappeenranta biofuels biorefinery will remain the nucleus of our growing biofuels platform”, says Harald Dialer, Executive Vice President, UPM Biorefining and Technology.
“We continue seeing strong long-term market potential for biomass-based fuels, especially in Europe, where greenhouse gas (GHG) reduction commitments continue driving the need for sustainable alternatives to fossil fuels across transport modes but specifically in road and aviation”, says Harald Dialer. “Our biofuels portfolio is well-positioned through our access to strategic feedstocks, its superior GHG savings potential and strong regulatory acceptance. We are in an advanced position to deliver scalable commercial growth with sustainable biofuels.”
UPM is a material solutions company, renewing products and entire value chains with an extensive portfolio of renewable fibres, advanced materials, decarbonization solutions, and communication papers.
