Neste Oil Corporation
June 11 at 1.30 pm (EET)
Neste Oil welcomes the European Commission's guidelines on renewable energy
The European Commission announced its guidelines on how the new Renewable Energy Directive is to be implemented on 10 June. Under these, the Commission will require that biofuel usage should result in a clear reduction in greenhouse gas emissions compared to crude oil-based products. The guidelines clarify the criteria to be used to ensure that biofuels meet sustainability requirements, and will apply to all biofuels produced in and imported into the EU. Neste Oil's views are very much in line with the Commission's position.
One of the key aspects of the guidelines is that independent inspectors will be responsible for auditing the entire production chain, from the origin of the organic material used to the facilities where it is processed and the fuel suppliers that deliver gasoline or diesel fuel to service stations. Neste Oil has already carried out extensive work to ensure that its renewable raw materials are produced responsibly and can now finalize its verification system in line with the new guidelines.
"It's excellent news that clear and binding rules have now been established for renewable fuels in Europe. The Commission's guidelines will ensure that the Renewable Energy Directive will be implemented along the same lines in all EU countries," says Neste Oil's Deputy CEO and Executive Vice President, Renewable Fuels, Jarmo Honkamaa.
Neste Oil's NExBTL renewable diesel, produced from vegetable oil and waste fat from food manufacturers, complies with all aspects of EU requirements.
Neste Oil Corporation
Director, Corporate Communications
Further information: Osmo Kammonen, Senior Vice President, Communications, Marketing and Public Affairs, tel. +358 (0)10 458 4885
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company is the world's leading supplier of renewable diesel. Neste Oil's refineries are located at Porvoo and Naantali in Finland and have a combined crude oil refining capacity of approx. 260,000 bbl/d. The company had net sales of 9.6 billion in 2009, employs around 5,100 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and is featured in the Ethibel Pioneer Investment Register. It has been awarded 'Best in Class' recognition for its social accountability by the Norwegian bank, Storebrand, and is on Innovest's Global 100 list of the world's most sustainable corporations. Further information: www.nesteoil.com