Galp Unveils EUR650 Million Investments in Biofuels, Hydrogen Facilities
September 25 2023 - 3:32AM
Dow Jones News
By Mauro Orru
Galp said Monday that some 650 million euros ($692 million)
would be invested in two large-scale projects in Portugal to reduce
the carbon footprint of the Sines refinery and its products.
The Portuguese energy company said about EUR400 million would go
toward an advanced biofuels unit that Galp is creating in a joint
venture with Japan's Mitsui & Co., with the remaining amount
allocated to a green hydrogen unit.
The joint venture, in which Galp holds a 75% stake, will invest
in the advanced biofuels unit that will use waste residues to
produce renewable diesel such as hydrotreated vegetable oil, and
sustainable aviation fuel.
Separately, Galp will invest to develop a 100-megawatt
electrolysis plant to produce renewable hydrogen.
"These investment decisions were made on the expectation that
the fiscal and regulatory developments in Portugal will not hinder
the success of such large-scale projects, ensuring that our
industrial operations remain long-term competitive in a global
playing field," said Galp Chair Paula Amorim.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 25, 2023 03:17 ET (07:17 GMT)
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