EMEA News
Preem Cancels Fuel Oil Upgrading Project at Lysekil Refinery
Tuesday September 29, 2020
Swedish refiner Preem has cancelled plans to add a unit to its refinery that would have minimised its production of residual fuel oil.
Plans for the residue oil conversion complex, which were first announced in 2016, will no longer go ahead, the company said in a statement on its website Monday.
"As a result of the COVID-19 crisis' effects on the energy sector globally, the economic logic of investment in this project no longer stands," the company said.
The unit would have cut the refinery's output of fuel oil and increased lower-sulfur products like diesel and gasoline.
"What a huge victory for the climate and environmental movement," Swedish activist Greta Thunberg wrote on Twitter.
