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

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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