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PORTUGAL'S GALP WILL INVEST $426 MLN IN BIOFUELS WITH JAPAN'S MITSUI

NEWS Desk Global

Portuguese oil company Galp (GALP.LS) said on Monday it had teamed up with Japan's Mitsui (8031.T) to invest 400 million euros ($426 million) in an industrial-scale plant to produce biodiesel and biojet fuel from waste at its Sines refinery. The companies will create a joint venture for the project, which will be 75% controlled by Galp, it said in a statement. Galp also said it had made a final decision to invest 250 million euros on its own in a 100 mega-watt (MW) electrolyser unit to produce green hydrogen to power the refinery.

It said that both plants would start operating in 2025. The Hydrogenated Vegetable Oil (HVO) plant will have a production capacity of 270,000 metric tons per year. It will transform waste materials, such as used cooking oils, into renewable biodiesel and biojet fuel -- also known as sustainable aviation fuel (SAF) -- using green hydrogen produced by the electrolyser, which will have a capacity of 15,000 metric tons of green hydrogen a year.

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