In the UK, SAF Investor reported that Finnish forest firm UPM has pushed the timeline on the development of its biofuels site by delaying investment decision amid market ‘turmoil’. “Before the potential investment decision, our focus will be on testing the new technologies on flexible feedstock options at a larger scale and securing the feedstock supply. This will be essential to ensure differentiation and support the long-term competitiveness of the business case. We expect this work to take approximately two years,” the company said in a note accompanying its second quarter earnings report. UPM had announced its decision to move forward with biofuels site in January 2021. During the announcement, the company said the potential biorefinery would have an annual capacity of 500,000 tons of high-quality renewable fuels including sustainable aviation fuel, according to the report. However, in the recent note, the company noted that “the recent market turmoil only confirms our view that a differentiated, competitive and sustainable feedstock range will be the key to ensuring profitability over market cycles and potential regulatory developments.”
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