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Swedish Fuel Giant Stops Planned Expansion Of Oil Refinery

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STOCKHOLM: Swedens largest gas firm mentioned Monday that it has determined to cease a deliberate oil refinery enlargement that may have made it the countrys largest emitter of greenhouse gases and was more and more turning into a scorching potato subject for Prime Minister Stefan Lofven’s minority authorities.

Preem mentioned that the COVID-19 disaster and its results on the world economic system have contributed to the mission not being commercially sustainable.


Preem CEO Magnus Heimburg mentioned in a press release that it was “a commercial decision based on a balancing of the projects profitability and technical feasibility.” He added that “the economic downturn and declining demand for fuel have put pressure on the global refinery industry, including Preem.”

The Swedish authorities has promised to decrease greenhouse fuel emissions, but in addition to create extra jobs. It had been on account of resolve whether or not to permit the enlargement of the refinery in Lysekil, in southwestern Sweden, which is already the nation’s largest. No date had been set for the choice.

Swedens Green Party, a part of the two-party governing coalition with Lofven’s Social Democrats, was towards the enlargement. A Swedish courtroom in June had given permission for the mission, saying it adhered to European Union guidelines.

Environmental teams known as the plan a risk to peoples well being, the setting and our future. It was additionally opposed by Swedish activist Greta Thunberg, whose protests exterior parliament helped encourage a worldwide youth motion for local weather safety.

What an enormous victory for the local weather and environmental motion, Thunberg tweeted.

Preem, whose mother or father firm Corral Petroleum Holdings AB is owned by Saudi billionaire Mohammed Al Amoudi, had mentioned the extra capability would have been used to make biodiesel and wouldn’t imply extra crude oil being processed on the plant.

Disclaimer: This put up has been auto-published from an company feed with none modifications to the textual content and has not been reviewed by an editor




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