Neste expects aviation biofuel demand to top 12 mln tonnes in 2030.
[Reuters] Finnish oil refiner and biofuels maker Neste said it expects to be able to produce 1.5 million tonnes of biofuel annually for the aviation industry by end of 2023 versus about 100,000 tonnes currently.The company, which will hold a virtual capital markets day, estimates demand for the aviation fuel with exceed 12 million tonnes per year by 2030.
Renewables now account for 90% of Neste’s operating profit and the company says it aims to have three strong renewables businesses by 2030 in sustainable aviation fuel, biodiesel and polymers and chemicals.
In its strategy update it added it sees road transportation biodiesel demand possibly rising to as high as 30 million tonnes.
It also reduced its capital expenditure for 2021 to 1.1 billion euros ($1.29 billion) from 1.2 billion, excluding acquisitions.
The company added it has made no changes to financial targets or dividend policy.
CORRECTED-Neste expects aviation biofuel demand to top 12 mln tonnes in 2030, HELSINKI, September 23, 2021