Neste expects aviation biofuel demand to top 12 MMt in 2030
Finnish oil refiner and biofuels maker Neste said it expects to be able to produce 1.5 MMtpy of biofuels for the aviation industry by the end of 2023 vs. about 100,000 tpy currently.
The company, which will hold a virtual capital markets day on Thursday, estimates demand for the aviation fuel with exceed 12 MMtpy 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 MMt.
It also reduced its capital expenditure for 2021 to 1.1 B euros ($1.29 B) from 1.2 B, excluding acquisitions.
The company added it has made no changes to financial targets or dividend policy.
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