Paper major and renewable diesel producer UPM said that the basic engineering phase of a potential new biorefinery is continuing at full pace. The company is now focusing on a site in Rotterdam in the Netherlands. UPM added that its biochemicals production project in Leuna in Germany is now also progressing well. It finalised a new investment estimate of EUR750 million for the project, considering the scheduled ramp-up by the end of 2023 and the current high-cost environment.
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