3 March 2022

Neste to establish a joint venture for production of renewable fuels in the United States with Marathon Petroleum

Neste Corporation has signed definitive agreements for the establishment of a 50/50 joint venture with US-based Marathon Petroleum. The JV will produce renewable diesel following a conversion project of Marathon's refinery in Martinez, California. Neste’s total investment will amount to approximately EUR 0.9 billion (USD 1.0 billion), inclusive of half of the total project development costs projected through the completion of the project.

Press release

Aker company receives new offshore wind license in South Korea

Aker Offshore Wind and Ocean Winds have reported that their jointly owned company Korea Floating Wind has received a license (Electric Business License) for a floating offshore wind facility with a capacity of 450 MW in South Korea.

E24

Seaway 7 expects 2022 revenue of around $ 1 billion

Offshore wind company Seaway 7 had an EBITDA of $30 million in the fourth quarter, compared to $11 million in the same period last year, according to its quarterly report. Turnover was $326 million in the quarter, compared to  234 million in the same period last year.

E24

What we’re reading

• LEAK: EU drafts plan to ditch Russian gas (Euractiv)
• Germany fast-tracks shift to 100 pct renewables as EU energy crisis deepens (RenewEconomy)

---