Portugal’s Galp to invest $426 million in biofuels with Japan’s Mitsui

 LISBON (Reuters) — Portuguese oil company Galp said on Monday it had teamed up with Japan’s Mitsui 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.

https://www.globalbankingandfinance.com/portugals-galp-to-invest-426-million-in-biofuels-with-japans-mitsui/

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