Finnish industrial giant UPM plans to build a biofuel plant in Rotterdam, Netherlands, an investment of up to a billion euros, the company said in a press release.
This is the second Finnish company to invest in its own biofuel plants in Rotterdam. In March, the Finnish company Neste announced similar plans.
“Fundamental design of the next-generation biofuel plant is at the stage where we have completed site assessments in Kotka, Finland, and Rotterdam. Work is continuing in Rotterdam, where conditions are more favorable for the biofuel business,” the company said in a statement.
Experts estimate that investments in construction will amount to up to one billion euros.
According to UPM CEO Jussi Pesonen, Rotterdam is an excellent location for logistics of both finished products and raw materials for them, which is especially important in the context of green economy and emissions trading, also the largest cluster of the EU chemical industry is located nearby.
UPM Holding supplies renewable and responsible solutions, non-fossil innovations in six areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood, according to the holding’s website. The company employs about 18 thousand people worldwide, including Russia, the annual sales are about 8.6 billion euros, the shares are listed on the NASDAQ stock exchange in Helsinki.