28 Mar 2011

NIB finances renewable raw material research at Neste Oil

NIB and Finnish Neste Oil Corporation have signed a loan agreement totalling EUR 50 million for financing Neste Oil’s investments into R&D projects aimed at finding new sustainable raw material alternatives for renewable diesel production.

Neste Oil engages itself in research programme to explore a variety of sustainable raw materials in renewable diesel production. The European Union’s sustainability criteria in the Renewable Energy Directive are considered in the evaluation of the new raw materials.

“NIB supports efforts in researching alternative sustainable non-food raw materials in bio-diesel production. We hope that high-quality and lower-emission fuel as being developed by Neste Oil will eventually decrease the demand for fossil-based fuels,” says Johnny Åkerholm, President and CEO of NIB.

Established in 1948, Neste Oil is today an oil refining and marketing company, focusing on high quality traffic fuels and other highly developed oil products.

The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Kim Krokfors, Senior Manager Origination, at +358 10 618 0517,

Dimitrijs Alehins, Senior Communications Specialist, at +358 10 618 0296,