UPM signs sales agreement for North European Oil Trade to distribute its wood-based UPM BioVerno renewable diesel in Finland

HELSINKI , June 16, 2014 (press release) – UPM has signed a sales agreement for UPM BioVerno renewable diesel, produced in UPM's Lappeenranta Biorefinery, with NEOT (North European Oil Trade). NEOT specialises in oil and biofuels wholesale. Large Finnish service stations, ABC, St1 and Shell, get their fuels from NEOT.

"UPM’s renewable wood-based diesel, UPM BioVerno, is produced using the company's own innovative process in Finland. Thus it is excellent that we are able to use it in Finnish vehicles as well. We are satisfied with the agreement with NEOT and the fact that UPM BioVerno will be distributed to Finnish service stations,” says Petri Kukkonen, Vice President, UPM Biofuels.

Finnish UPM BioVerno is an excellent bioproduct – by blending it with fossil fuel we are able to fulfill part of the bio target set for Finnish transport, and increase Finland's energy self-sufficiency. The annual production of UPM BioVerno in Lappeenranta will cover nearly a quarter of Finland’s 20% renewable energy target for transport in 2020.

"For NEOT, sustainable development means utilisation of cleaner and technologically more advanced fuels in the supply chain. We favour ethically, ecologically and quality wise the best products – in this equation the domestic renewable UPM BioVerno is an excellent bio component for diesel,” says Henrikki Talvitie, CEO of NEOT.

UPM BioVerno is made from a pulp production residue called crude tall oil. The Finnish made fuel works well in all diesel engines and reduces greenhouse gas emissions. Extensive fleet tests conducted with the VTT Technical Research Centre of Finland showed that UPM BioVerno diesel works in cars just as well as any regular diesel.

”By using UPM BioVerno, motorists will support Finnish fuel production and help the environment by reducing greenhouse gas emissions,” Kukkonen sums up the advantages of UPM’s renewable diesel.

For further information, please contact:
Petri Kukkonen, Vice President, UPM Biofuels, tel. +358 40 592 7440
Henrikki Talvitie, CEO, NEOT, tel. +358 400-427 972

UPM
Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM Paper Europe and North America and UPM Plywood. Our products are made of renewable raw materials and are recyclable. We serve customers worldwide. The group employs around 21,000 people and its annual sales are approximately EUR 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM – The Biofore Company – www.upm.com

UPM Biofuels
UPM plans to become a major player in high quality, advanced biofuels for transport. Biofuels are an essential part of the Biofore strategy. The innovative wood-based biofuels developed by the company and their production technologies are part of a sustainable future. UPM’s biofuels are frontrunners in quality, usability and sustainability. They will significantly decrease greenhouse gas emissions compared to fossils fuels. www.upmbiofuels.com

NEOT
North European Oil Trade Oy (NEOT) specialises in oil and bioproducts wholesale. NEOT handles annually about 4 million cubic metres of fuels. NEOT’s turnover in 2013 was EUR 4.7 billion. NEOT supplies large Finnish fuel retailers (ABC, St1 and Shell) with a service network of about 1000 stations. NEOT’s vision is to be the most innovative and cost-efficient procurement company for traditional and new fuel solutions. www.neot.fi/en

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