GLOBAL BIOFUEL INDUSTRY BEARING LOSSES

In 2025, the world’s biodiesel and HVO production is expected to decrease by 0.5 million tonnes. This is an abrupt turnabout compared to previous years when market grew by 4 million tonnes on average every year. Companies reduce investments, close plants, and cut jobs. In the USA, Chevron Renewable Energy Group will dismiss more than 70 employees of its plant in Ames, Iowa. Earlier, the company has already closed two its enterprises in Midwest. Slack demand and the absence of clear tax policy are said to be among the reasons for that. In Europe, Finland’s UPM company refused from a new biofuel plant construction project in the port of Rotterdam. Similarly, the British BP suspended the development of a biomass processing plant. Prices for palm, soybean, and rapeseed oils grew faster last year than prices for diesel fuel.

Source: https://agrotrend.ru/news/51955-tendentsii-mirovogo-rynka-biotopliva/