London - Finnish firm Kymmene Corporation UPM is going ahead with building the world's first bio-refinery to produce 100,000 tonnes of advanced second generation biodiesel for transportation.
Its construction will begin in summer this year at Kaukas mill site, at Lappeenranta in south-eastern Finland, and will be completed in 2014 with a total investment of approximately Euros 150 million ($236.875 million).
The demand for biofuels is expected to grow by approximately seven percent a year in the European Union. The target of the EU is to increase the share of biofuels in transport fuels to 10 percent by the year 2020, according to an UPM statement.
In Finland, the corresponding target is even more challenging with an increase of 20 percent. The annual production of UPM’s bio-refinery will contribute approximately one fourth of Finland’s biofuel target.
"The biofuels business has excellent growth potential. The quality of our end product and its environmental characteristics has gained significant interest among a wide range of customers, and the investment is profitable," said UPM president and CEO Jussi Pesonen.
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