In Finland, oil refiner and biofuel producer, Neste, posted its highest ever quarterly result, helped by a U.S. tax break and profitable biofuel production, according to Reuters. Shares jumped more than 12% after the first-quarter report showed operating profit of 401 million Euros ($488 million), almost double from one year ago. Analysts forecasted 370 million Euros, making the results unexpected.
“Renewable Products was able to exceed the previous year’s performance as a result of successful sales allocation and feedstock optimization,” CEO Matti Lievonen said in the report.
According to Reuters, “Neste has stepped up usage of low-quality feedstock in its biofuels: waste and residue inputs, such as animal fats, made up 81 percent of raw materials in the quarter. The renewable product unit made up most of the profit, 296 million euros, including 140 million euros booked retrospectively from 2017 thanks to a U.S. tax break, the ‘Blender’s Tax Credit’.”