Stora Enso and Neste Oil to end their biodiesel project and continue cooperation on other bio products

Stora Enso Oyj 

17.08.2012 15:30
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Stora Enso and Neste Oil have decided not to progress with their plans to build
a biodiesel plant, for which the two companies had applied for funding under
the EU's NER 300 program. The European Commission recently published a review
on its Web site of projects that have applied for NER funding, and Neste Oil's
and Stora Enso's project is not among those listed as scheduled to receive this
funding. 

'We have calculated the cost of the project very carefully and realistically.
It would have represented a very significant investment and we concluded that
we would not have gone ahead in any case, even if we had won public funding,'
according to Neste Oil's President & CEO, Matti Lievonen, and Stora Enso's CEO,
Jouko Karvinen. 

The trials carried out by Neste Oil and Stora Enso at a pilot plant in Varkaus
between 2009 and 2011 on the entire chain needed for the planned plant - from
wood biomass to biowax suitable for use as a raw material for producing
renewable diesel - proved very successful. 

'Technically speaking, our work was a great success and we are very satisfied
with what we achieved. Cooperation between the two companies has also been very
smooth and will continue in the future in the area of other bio-based
products,' add Lievonen and Karvinen. 

For further information, please contact:

Lauri Peltola, EVP, Global Identity, tel. +358 2046 21380

www.storaenso.com

www.storaenso.com/investors

Stora Enso is the global rethinker of the paper, biomaterials, wood product and
packaging industry. We always rethink the old and expand to the new to offer
our customers innovative solutions based on renewable materials. Stora Enso
employs some 30 000 people worldwide, and our sales in 2011 amounted to EUR
11.0 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV,
STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the
USA as ADRs (SEOAY) in the International OTCQX over-the-counter market. 


STORA ENSO OYJ
News Source: NASDAQ OMX



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Language:     English
Company:      Stora Enso Oyj
              
               
              Finland
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Fax:          
E-mail:       
Internet:     
ISIN:         FI0009005961
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