UPM lays foundation stone of biorefinery in Finland

(SeeNews) - Nov 14, 2012 - Finnish paper maker UPM-Kymmene Oyj (HEL:UPM1V) on Monday officially broke ground on its refinery for biodiesel from wood-based raw material in Lappeenranta, southeastern Finland.

The EUR-150-million (USD 191.2m) plant is under construction since the summer and is scheduled to become operational in 2014. It will produce 120 million litres of renewable diesel from tall oil per year, according to UPM.

This is UPM's first project of its kind and the first step in its strategy to become a producer of advanced second generation biofuels, UPM's president Jussi Pesonen said. The project is also part of the company's strategy of integrating the bio and forest industries, Pesonen added.

UPM expects the biorefinery to create some 200 jobs during its construction and some 50 permanent jobs when operational.

(EUR 1 = USD 1.275)

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