Neste Oil signs a EUR 150 million loan agreement with the European Investment Bank
Posted: 09 January 2006
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Neste Oil has signed a EUR 150 million loan agreement with the European Investment Bank (EIB). The eight-year loan will be used to finance Neste Oil's Diesel Project at its Porvoo refinery.
Neste Oil's Diesel Project was launched in fall 2003 and represents an investment valued at approximately EUR 600 million. Due to be completed in the last quarter of 2006, the new line will increase production of sulfur-free diesel fuel and jet fuel at Porvoo by over 1 million t/a, and reduce the refinery's output of lower-value heavy fuel oil.
Neste Oil estimates that the new diesel line will increase the company's overall refining margin on its 100 million barrels of annual production by over USD 2/bbl.
In addition to the EIB loan, Neste Oil agreed a EUR 40 million, 10-year loan with the Nordic Investment Bank (NIB) on 1 November 2005 to finance the Diesel Project.
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