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    NESTE   FI0009013296

NESTE OYJ

(NESTE)
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UK's Heathrow Airport to use renewable jet fuel for first time

06/03/2021 | 06:50am EDT
FILE PHOTO: Aircraft takes off at Heathrow Airport amid COVID-19 pandemic in London

LONDON (Reuters) - Britain's Heathrow Airport will use sustainable jet fuel for the first time as part of a test ahead of a Group of Seven (G7) rich nations summit in the country next week.

The fuel, produced by Finland's Neste and supplied by oil trader Vitol, is made entirely of renewable and sustainable waste such as cooking oil and animal fat, the airport and companies said in a joint statement on Thursday.

It cuts greenhouse gas emissions by up to 80% compared with regular aviation fuel, they added.

Delivery of the green fuel began on Thursday and it will be incorporated into the airport's main fuel supply. The total volume will be the equivalent of 10 short-haul flights.

"We are delighted that Heathrow is the first UK major airport to successfully incorporate sustainable aviation fuels," Heathrow CEO John Holland-Kaye said in the statement.

"Now is the time for less talk and more action and Ministers should set an escalating mandate to blend SAF (sustainable aviation fuel) into fuel and provide incentives that are stable over 5-10 years to foster investment in production, with a target of 10% by 2030 and at least 50% by 2050."

In an April factsheet, the International Air Transport Association (IATA) said SAF had been used in 350,000 flights so far and was about 2-4 times more expensive than regular fuel.

"The short-term target is to build SAF usage to 2% of the total amount of fuel consumed by 2025. At that level, the SAF price should start to move towards fossil fuel prices, allowing for a faster and broader take-up by airlines," IATA said.

Vitol, the world's biggest independent oil trader, is a fuel supplier at Heathrow through its Vitol Aviation arm and expects to deliver more renewable jet fuel ahead of the COP26 climate summit in Glasgow later this year, to cut attendees' emissions.

(Reporting by Julia Payne; Editing by Mark Potter)

By Julia Payne


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.96% 74.4 Delayed Quote.45.28%
NESTE OYJ 0.46% 52.06 Delayed Quote.-12.41%
WTI -1.21% 72.83 Delayed Quote.52.09%
All news about NESTE OYJ
07/27NESTE OYJ : Notification under Chapter 9, Section 10 of the Finnish Securities M..
AQ
07/27NESTE OYJ : H1 Profit Surges On Resilient Renewable Sales
MT
07/27NESTE OYJ : Half-Year Financial Report for January-June 2021
AQ
07/27Neste Oyj Reports Earnings Results for the Second Quarter Ended June 30, 2021
CI
07/27NESTE OYJ : appoints Markku Korvenranta Executive Vice President, Oil Products a..
AQ
07/27Neste Corporation Appoints Markku Korvenranta Executive Vice President, Oil P..
CI
07/26NOTIFICATION UNDER CHAPTER 9, SECTIO : direct and indirect holdings of BlackRock..
AQ
07/22NESTE OYJ : - Member of Board of Directors resigns
AQ
07/22NESTE OYJ : - Notification under Chapter 9, Section 10 of the Finnish Securities..
AQ
07/21NOTIFICATION UNDER CHAPTER 9, SECTIO : holdings of BlackRock in Neste Corporatio..
AQ
More news
Financials
Sales 2021 13 604 M 16 175 M 16 175 M
Net income 2021 1 355 M 1 611 M 1 611 M
Net Debt 2021 146 M 174 M 174 M
P/E ratio 2021 29,6x
Yield 2021 1,49%
Capitalization 39 796 M 47 208 M 47 316 M
EV / Sales 2021 2,94x
EV / Sales 2022 2,50x
Nbr of Employees 5 137
Free-Float 53,6%
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Technical analysis trends NESTE OYJ
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TrendsNeutralNeutralNeutral
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 51,82 €
Average target price 57,05 €
Spread / Average Target 10,1%
EPS Revisions
Managers and Directors
Peter Vanacker President & Chief Executive Officer
Jyrki Mikael Mńki-Kala CFO, Head-Information Technology & Strategy
Matti Kńhk÷nen Chairman
Lars Peter Lindfors Senior Vice President-Innovation
Willem Jan Antoon Schoeber Independent Non-Executive Director
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