Preem's Sustainability Report 2019: “The target is set: Climate neutral by 2045” is published

Preem’s Annual and Sustainability Report 2019 is now published. A stable profit, increased pace of its climate work and a clear goal to be the world’s first climate-neutral petroleum and biofuel companies by 2045 are highlights from this year’s report.

In 2019, Preem set the goal to become the world’s first climate-neutral petroleum and fuel company. By the year 2040, Preem will have zero net carbon emissions at its refineries and by 2045 in its entire value chain. The company also raised its target to produce 5 million cubic meters of renewable fuels annually by 2030.“We have set a clear roadmap for how we will achieve our vision to lead the transformation into a sustainable society. Therefore, a number of large and decisive projects have been implemented or initiated, all of which contribute to reducing Sweden’s climate footprint through reduced carbon dioxide emissions throughout the value chain. I am convinced that the smart choices we have made are the right ones for us to succeed with our ambitious transition, reach our climate goals and by 2045 be the world’s first climate-neutral petroleum and biofuels company,” says Petter Holland, CEO of Preem.

New initiatives to drive change

A total of SEK 269 million was invested to increase renewable fuel production and reduce climate impact, a significant increase compared to the previous year. Investments during the year include:

• The remodeling of Preem’s Green Hydro Treater (GHT) plant at the Gothenburg refinery with a planned start-up in late 2020.
• A new hydrogen plant was commissioned at the Gothenburg refinery, which will increase renewable fuel production by about 20 percent.
• A CCS carbon capture plant was installed at the Lysekil refinery. Tests will begin in 2020 and a full-scale plant is expected to be operational by 2025.

Additional measures implemented to increase the production of sustainable renewable raw materials, reduce emissions and minimize environmental and climate impact include:

• Water purification at the Lysekil refinery was enhanced with an additional purification step to remove phosphorus and manage sludge escape more efficiently.
• Preem became a partner in the company SunCarbon, which is planning a lignin plant for biofuels. The plant will produce approximately 45,000 tons of lignin per year and is expected to be operational by the beginning of 2022.
• In 2019, Preem also applied for an environmental permit to build Sweden’s largest renewable fuel plant at the Gothenburg refinery. The plant will have the capacity to produce 1 million cubic meters of renewable fuel for road and air and is scheduled to be completed by 2024.

Stabile economy
In 2019, Preem’s sales decreased by 8 percent compared to 2018, from SEK 103,641 million to SEK 95,758 million. Its operating profit amounted to SEK 1,785 million (2,431). The decline in earnings is primarily due to the refinery at Lysekil being stopped for planned maintenance measures, with a lower production level as a result.
 

Read more about Preem’s activities and sustainability work in 2019:
https://www.preem.com/in-english/environment/

Read Preem’s Annual Report:
https://www.preem.com/globalassets/om-preem/finansiell-info/arsredovisningar/2019/preem_annual_report_2019_eng.pdf
 

For more information, please contact:
Preem Press Office
press@preem.se
+46 (0)70-450 10 01

Preem is Sweden's largest fuel company. We refine and sell fuels, heating and lubricating oil, as well as other products for companies and individuals. Most of our production, almost 80 percent, is exported to the international market. Preem employs around 1,500 people, of which 950 work at the refineries. Preem had a turnover of SEK 92 billion in 2018. Read more at www.preem.com.