Yahoo Finance's Kumutha Ramanathan has the latest from London.
Yahoo Finance's Kumutha Ramanathan has the latest from London.
The already approved drug could be used to treat more aggressive forms of breast cancer that don’t always respond to traditional chemotherapy.
CREE earnings call for the period ending December 31, 2020.
The 25th Bond film is at risk of becoming yesterday’s news, writes Adam White, even if no one has actually seen it yet
‘It’s better to have common rules and a common verification system’, the ex-premier said.
Thursday briefing: Spectre of vaccine 'trade war' between Britain and EUBrussels explodes over UK getting doses while continent runs short … Biden orders sweeping climate action … wallets open for Bernie Sanders crochet doll People walk past the EU headquarters in Brussels. Photograph: Francisco Seco/AP
Annabel Nugent talks to the new breed of music supervisors on shows such as Industry and I May Destroy You, who are making our ears prick up every time we switch on
CONSTI PLC STOCK EXCHANGE RELEASE 28 JANUARY 2021, at 08.30 a.m. Change in Consti’s Management Team: Jukka Kylliö appointed as Business Area Director of Public Sector Jukka Kylliö (born 1967, B.Eng., CPM®) has been appointed as Business Area Director of Public Sector and a member of Consti’s Management Team. Kylliö has most recently acted as Regional Director at Skanska Talonrakennus Oy. He has a long career in various management and project development positions at NCC Rakennus Oy and Lemminkäinen Group in the non-residential construction sector. Jukka Kylliö will assume his position as member of Consti Plc’s Management Team on 4 February 2021 and he will report to Esa Korkeela, CEO of Consti Group. “I warmly welcome Jukka to Consti. He has a deep knowledge of our industry and business, and with the right kind of expertise he is capable of supporting Consti’s growth as well as improvement of productivity and profitability going forward. With Jukka in charge, we will continue to develop our Public Sector business area in line with our strategy.”, says Esa Korkeela, CEO of Consti Group. The CV and photo of Jukka Kylliö are available on Consti’s website at: http://investor.consti.fi/en/corporate-governance/ceo-and-management-team/management-team. Composition and responsibilities of the Management Team As a result of Jukka Kylliö’s appointment, Risto Kivi, who has previously been responsible for both Housing Companies and Public Sector, will focus on leading the Housing Companies business area going forward. As a result of the changes, Consti Plc’s Management Team consists of CEO Esa Korkeela and thefollowing persons: Joni Sorsanen, CFO; Risto Kivi, Business Area Director Housing Companies; Jukka Mäkinen, Business Area Director Corporations; Jukka Kylliö, Business Area Director Public Sector; Pekka Pöykkö, Business Area Director Building Technology, Markku Kalevo, Bid and Sales Director Housing Companies; Pirkka Lähteinen, Regional Director Corporations, Heikki Untamala, Chief Legal Officer and Turo Turja, HR Director. CONSTI PLC Further information:Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568 Distribution:Nasdaq Helsinki Ltd.Major mediawww.consti.fi Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2019, Consti Group’s net sales amounted to 315 million euro. It employs approximately 1000 professionals in renovation construction and building technology. Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
Lundin Energy AB (Lundin Energy and the Company) is pleased to announce its 2021 programme, with a capital budget of USD 1.2 billion and production guidance of between 170 to 190 thousand barrels of oil equivalent per day (Mboepd). The long-term production guidance is increased to over 200 Mboepd by 2023. The Company will achieve carbon neutrality for operational emissions from 2025, which is accelerated from the original target of 2030. 2021 guidance2020 resultsProduction170 to 190 Mboepd164.5 MboepdOperating costUSD 3 per boeUSD 2.69 per boeDevelopment expenditureMUSD 850MUSD 640Exploration and Appraisal expenditureMUSD 260MUSD 153Renewables/Re-forestation InvestmentsMUSD 70MUSD 96Abandonment expenditureMUSD 20MUSD 53 Long-term guidanceUpdated guidance Previous guidanceProductionOver 200 Mboepd by 2023170 to 180 MboepdOperating costUSD 3 to 4 per boeUSD 3.2 to 4.2 per boe from 2021 onwardsCarbon neutral target20252030 Production Guidance The average production in 2020 was 165 Mboepd, which was at the top end of the original guidance range of between 145 and 165 Mboepd. Production for the fourth quarter of 2020 was 185 Mboepd, which was above guidance due to increased facilities capacity and high uptime performance at Edvard Grieg and Johan Sverdrup. Lundin Energy’s production guidance for 2021 is between 170 and 190 Mboepd. The range reflects that the current Johan Sverdrup Phase 1 facilities capacity of 500 thousand barrels of oil per day (Mbopd) gross is expected to increase up to 535 Mbopd from mid-2021 and that there will be additional facilities capacity available for the Edvard Grieg Area, as a result of the start of natural production decline at Ivar Aasen. The Edvard Grieg tie-back developments, Solveig Phase 1 and the Rolvsnes Extended Well Test (EWT), are expected to commence production in the third quarter 2021 and will contribute to maintaining plateau production through the facilities. The production contribution is split approximately 60 percent from the Johan Sverdrup field, 35 percent from the Greater Edvard Grieg Area and the remainder from the other assets. The Company’s production is expected to rise to over 200 Mboepd by 2023, reflecting the increased Johan Sverdrup full field plateau level of 720 Mbopd, once Phase 2 comes on stream in the fourth quarter of 2022, and the extended Greater Edvard Grieg Area production plateau period. The Company’s long-term target is to sustain production levels of over 200 Mboepd with upsides from existing fields and potential new development projects. Accelerated Decarbonisation StrategyLundin Energy is accelerating its Decarbonisation Strategy to target carbon neutrality for operational emissions from 2025, from the original target of 2030. This change is underpinned by good progress on the electrification of the Company’s main assets, investments in renewable energy to replace electricity usage and now a commitment to invest in proprietary natural carbon capture projects to offset any residual, hard to abate emissions. Electrification of the Company’s main assets will result in over 95 percent of oil and gas production being powered by electricity from shore by 2023 and committed renewables projects will generate electricity accounting for 60 percent of forecast peak electricity usage, with a plan for further investments to achieve 100 percent in 2023. To offset any residual emissions, the Company has entered into a partnership with Land Life Company BV to plant approximately 8 million trees, investing MUSD 35 between 2021 and 2025, capturing approximately 2.6 million tonnes of CO2. The 2021 budget for renewables and reforestation investments is MUSD 70. This includes the Leikanger hydropower project in Norway, which is scheduled for final completion in the first half of 2021, the Metsälamminkangas (MLK) wind farm project in Finland that is due for completion at the start of 2022 and the first phase of the reforestation projects. Development Budget The 2021 development expenditure is budgeted at MUSD 850 and reflects the actions taken to defer activity from 2020 to 2021, due to the low oil prices in 2020. Approximately 35 percent of the 2021 budgeted development expenditure relates to the non-operated Johan Sverdrup field (WI 20%). Development drilling for Phase 1 will continue throughout 2021, while the Phase 2 project will see the installations of the second processing platform jacket, a process module on the existing riser platform and subsea production facilities. Approximately 55 percent of the budgeted development expenditure relates to activity in the Greater Edvard Grieg Area. The Edvard Grieg field (WI 65%) programme includes the drilling of three infill production wells and continuation of the electrification project, which will see the field powered from shore by late 2022. The Solveig Phase 1 (WI 65%) and Rolvsnes EWT (WI 80%) projects, will see the completion of the facilities installation and the start of development drilling in the second quarter, which will continue through to 2022. Budgeted expenditure at the non-operated Alvheim area involves the drilling of two infill wells and development spend for the Kobra East/Gekko and Frosk tie-back projects, which are scheduled for sanction/PDO in mid-2021. Exploration and Appraisal BudgetThe exploration and appraisal budget for 2021 is MUSD 260 and involves the drilling of eight wells, seven of which remain to be drilled, with the programme targeting over 300 MMboe of net unrisked resources. The Company also has nine potential new projects which are being prioritised for development within the temporary tax incentives that require a PDO to be submitted before the end of 2022. These potential projects are Solveig Phase 2 and Segment D (WI 65%), Lille Prinsen (WI 40%), Rolvsnes Full Field (WI 80%), Iving (WI 41%), Alta (WI 55%), Wisting (WI 10%), and the Alvheim Area projects of Kobra East/Gekko (WI 15%), and Frosk (WI 15%), which have net resources totalling approximately 200 MMboe. Approximately 50 percent of the exploration and appraisal budget is for drilling activities and engineering studies to de-risk these potential projects with the aim of maturing them to PDO within the time-line of the tax incentives. Remaining 2021 exploration and appraisal well programme LicenceOperatorAreaWIWellPL981Lundin EnergyUtsira High60%MerckxPL359Lundin EnergyUtsira High65%Solveig Segment DPL167Lundin EnergyUtsira High40%(1)Lille Prinsen appraisalPL976Lundin EnergySele High50%DovregubbenPL820SMOLEast of Alvheim Area41%(1)Iving appraisalPL1041AkerBPAlvheim Area30%LyderhornPL722EquinorSouthern Barents Sea20%Shenzhou 1 Following completion of announced transactions Abandonment ExpenditureThe 2021 abandonment expenditure budget is MUSD 20 to finalise the Brynhild field decommissioning with the removal of the subsea facilities. 2021 Capital Markets Day information Lundin Energy will be hosting its 2021 Capital Markets Day on 28 January 2021 at 14.00 CET (08.00 EST) via a webcast and conference call facility. The Capital Markets Day will include presentations by the Company’s management team on its fourth quarter 2020 financial results, the business strategy, the 2021 budgeted development campaign, its exploration and appraisal programme and decarbonisation strategy. Please follow the event live at www.lundin-energy.com or dial in using the following telephone numbers with the pin code shown below: UK/International:+44 2071 928338Sweden:+46 8 566 184 67Norway:+47 21 56 30 15USA:+1 646 741 3167Access Pin :6247379Webcast link: https://edge.media-server.com/mmc/p/oz7b59c2 Lundin Energy has grown from an oil and gas exploration company into an experienced Nordic energy developer and operator. We continue to explore new ideas, new concepts and new solutions to maintain our position as an industry leader in production efficiency, sustainability and decarbonisation. (NASDAQ Stockholm: LUNE). For more information, please visit us at www.lundin-energy.com or download our App www.myirapp.com/lundin For further information, please contact: Edward WestroppVP Investor RelationsTel: +41 22 595 10 email@example.com Robert ErikssonHead of Media CommunicationsTel: +46 701 11 26 firstname.lastname@example.org This is information that Lundin Energy AB is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons set out above, at 07.30 CET on 28 January 2021. Forward-looking statements Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including Lundin Energy’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and Lundin Energy does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risk management” and elsewhere in Lundin Energy’s Annual Report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement. Attachment Lundin Energy - 2021 CMD budget - V1 - 20210128en
BOUSSARD & GAVAUDAN HOLDING LIMITED Ordinary Shares The Directors of Boussard & Gavaudan Holding Limited would like to announce the following information for the Company. Close of business 27 Jan 2021. Estimated NAV Euro Shares Sterling Shares Estimated NAV € 25.8330 £ 22.6147 Estimated MTD return -0.40 % -0.68 % Estimated YTD return -0.40 % -0.68 % Estimated ITD return 158.33 % 126.15 % NAV and returns are calculated net of management and performance fees Market information Euro Shares Amsterdam (AEX) London (LSE) Market Close € 20.90 N/A Premium/discount to estimated NAV -19.10 % N/A Sterling Shares Amsterdam (AEX) London (LSE) Market Close N/A GBX 1,800.00 Premium/discount to estimated NAV N/A -20.41 % Transactions in own securities purchased into treasury Ordinary Shares Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A Range of Price N/A N/A Liquidity Enhancement Agreement Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A BGHL Capital BGHL Ordinary Shares Euro Shares Sterling Shares Shares Outstanding 13,275,769 294,494 Held in treasury 217,500 N/A Shares Issued 13,493,269 294,494 Estimated BG Fund NAV Class B Euro Shares (estimated) € 216.5269 The Class B Euro Shares of BG Fund are not subject to investment manager fees, as the Investment Manager receives management fees and performance fees in respect of its role as Investment Manager of BGHL. For further information please contact: Boussard & Gavaudan Investment Management, LLP. Emmanuel Gavaudan +44 (0) 20 3751 5389 Email : email@example.com The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the "Shares") are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc's main market for listed securities. This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law. Neither the Company nor BG Fund ICAV has been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States. You should always bear in mind that: all investment is subject to risk; results in the past are no guarantee of future results; the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice. This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice. Attachment Daily NAV - BgHL
Eurofins Technologies (Paris:ERF) and Eurofins Genomics are pleased to announce the launch of two validated assays for the identification of B.1.1.7 (UK) and B.1.351 (South Africa) variants with a short turn-around time.
(Bloomberg) -- Samsung Electronics Co. missed analyst estimates for the fourth quarter and warned profitability will likely decline this quarter, citing weakness in its memory chip business and challenges with currency fluctuations.South Korea’s biggest company reported net income in the three months ended December of 6.45 trillion won ($5.84 billion), missing the 7.3 trillion won average of estimates compiled by Bloomberg. Shares fell as much as 2.8% in Seoul on Thursday.Samsung, the world’s largest maker of memory chips and displays, struck a cautious tone that stood in contrast to that of many technology companies benefiting during the coronavirus lockdowns. Just hours earlier, Apple Inc. and Facebook Inc. reported financial results that handily exceed estimates.“In the first quarter, we expect overall profitability to decline due to relative weakness in the memory and display businesses,” said Ben Suh, executive vice president of investor relations, during a call with investors. In the memory business, Samsung’s most important profit engine, “results are likely to weaken due to currency effects and continued costs associated with new fab ramp up.”Operating profit for the semiconductor unit was 3.85 trillion won in the fourth quarter, short of the 4.62 trillion estimate from analysts. The company said it expects a recovery in the business in the first half.In the smartphone business, Samsung struggled in the holiday period as Apple introduced its first 5G-capable iPhones and Chinese rivals put up fierce competition. The Cupertino, Calif.-based company took over the No. 1 position in the fourth quarter, ahead of Samsung and China’s Xiaomi Corp., market research firms said on Thursday.With a lot of good devices on the market, “there is only so much that Samsung can grab out of it,” said Kiranjeet Kaur, research manager at IDC.Investors had anticipated Samsung could increase its dividend payout substantially, in part because the founding Lee family faces an enormous inheritance tax bill. Instead, the company said it would continue to return 50% of free cash flow to shareholders between 2021 and 2023, although its annual dividend payout will increase slightly to 9.8 trillion won.The results come just days after Samsung’s de-facto leader, billionaire heir Jay Y. Lee, was sent back to prison on bribery charges. Although professional managers lead the company’s operating units, Lee has played a central role in major strategic decisions.The company signaled it will continue to press ahead with critical deals and investments. Samsung will use its capital to expand the capacity of its foundry business, which fabricates chips for clients like Nvidia Corp., to meet demand and overcome current supply shortages. It will also invest in facility expansions and “meaningful” acquisitions, the company said.“For the last few years, we have been evaluating possible M&A opportunities very carefully and have made significant progress in terms of preparation,” Choi Yoon-ho, chief financial officer of Samsung, said during the earnings call. “Although it is difficult to pinpoint a specific timing due to uncertainties in the internal and external business environment ... we are optimistic of carrying out meaningful M&A activities during this term.”Read more: Samsung Surges to New High on Strong Memory Market OutlookAnalysts including Yungsan Choi of Ebest Investment & Securities have been anticipating a long-awaited rebound in memory chip prices due to demand for servers and more powerful 5G smartphones. Component supplier Murata Manufacturing Co. and chipmaker MediaTek Inc. both anticipate more than half a billion 5G handsets to be shipped this year.Chipmakers Intel Corp. and Micron Technology Inc. gave a bullish forecast for the first quarter of this year on continued demand for computers and phones that enable working and studying from home. Taiwan Semiconductor Manufacturing Co. is planning another record-breaking year of investment with as much as $28 billion set aside to expand and improve its production capacity at a time of silicon supply shortages affecting everyone from global automakers to mobile tech giants like Apple and Qualcomm Inc.Samsung’s contract chip manufacturing is expected to expand with the addition of Intel as a customer. The two companies have discussed development and production of Intel’s mainboard chipsets over the last two years and Samsung will produce the chipset at its Austin, Texas plant starting from this quarter, Meritz Securities said in a note.Samsung Is Said to Mull $10 Billion Texas Chipmaking PlantThe existing Austin fab is capable of operating on a 14-nanometer process. With rising expectations of growth in the foundry market, Samsung is considering building a cutting-edge logic chipmaking plant in the region that would be capable of fabricating chips as advanced as 3nm in the future, Bloomberg News reported earlier.“Regarding investments including building a fab in the U.S., we haven’t made a decision yet,” said Shawn Han, senior vice president of the semiconductor business. “Due to the nature of foundry business that requires timely and efficient responses to customers’ demand, we routinely review capacity expansions. We continue to study ways to optimize operations at fabs in all regions from Giheung, Hwaseong to Austin.”(Updates with executive comment in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Italy 'failed to protect life' in 2013 drowning of 200 people, rules UN. Authorities had duty under international law to respond immediately to calls from boat that came under fire and capsized
When LeBron James melded his preternatural playmaking intelligence with diligent study, he remade the league.
Global demand for gold fell to its lowest in 11 years in 2020 as the coronavirus upended the market, triggering huge stockpiling by investors but collapsing sales of jewellery and purchases by central banks, an industry report said on Thursday. Global demand for gold fell to 3,759.6 tonnes last year, down 14% from 2019 and the first year below 4,000 tonnes since 2009, the World Gold Council (WGC) said in its latest quarterly report. The year ended on a weak note, with demand over October to December at 783.4 tonnes, down 28% year-on-year and the lowest of any quarter since 2008, the WGC said.
London 2012 gold medallist Glover has declared her ambition to give the Olympics one more shot.
(Bloomberg) -- Dubai’s stock index slumped the most in a week as the city imposed further restrictions on air travel and hospitals amid another record surge in coronavirus cases.The Middle East business hub reduced the validity of PCR tests to three days from four “irrespective of the country they are coming from,” according to a statement issued late on Wednesday. It is also now mandatory to have prior appointments for hospital visits.The United Arab Emirates, of which Dubai is the second-largest emirate, is battling a rise in infections as it opened up for air travel and eased movement restrictions. On Wednesday, the country reported a record 3,939 cases.Dubai’s DFM General Index fell as much as 1.9% on Thursday, underperforming a benchmark for emerging-market equities globally. Emaar Properties PJSC, Emaar Malls PJSC and Damac Properties PJSC, which have risen on hopes of improving prospects for tourism in the emirate, retreated between 1.5% and 2.6%.Dubai travel requirements from Jan. 31: (click here for link)Validity period of PCR tests cut to 72 hours from 96 hoursPre-travel PCR test mandatory for UAE residents, GCC citizens and visitors arriving in DubaiArrivals from certain countries -- based on the pandemic situation in those countries -- require an additional test on arrival in DubaiHospital requirements from Jan. 27: (click here for link)All appointments must be booked in advance and there should be a minimum interval of 20 minutes between appointmentsA minimum distance of two meters should be maintained by patients in waiting areasThe UAE has already approved shots developed by Pfizer Inc. and BioNTech SE, as well as China’s Sinopharm and Russia’s Sputnik V.So far, almost 2.76 million doses have been administered and the UAE has the second-highest per-capita inoculation rate in the world after Israel. The government aims to cover 50% of its population of about 10 million by April.(Reacasts with stocks)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Yellow weather warnings for ‘heavy snow’ have been issued by the Met Office, covering much of Scotland and parts of northern England.
Map showing the route of this year's Vendee Globe as the leading boats approached the finish
"These comments are deeply disturbing and Leader McCarthy plans to have a conversation with the Congresswoman about them," a spokesman said
(UPM, Helsinki, 28 January 2021 at 08:15 EET) – UPM moves forward with biofuels growth plans and starts the basic engineering phase of a next generation biorefinery. The potential biorefinery would have an annual capacity of 500,000 tonnes of high-quality renewable fuels including sustainable jet fuel. The products would significantly reduce carbon footprint in the road transport and aviation, as well as replace fossil raw materials with renewable alternatives in chemicals and bioplastics. “The planned biorefinery would scale up UPM’s successful biofuels business to a new level. At the same time, it would further improve long term competitiveness and sustainability performance of UPM Biofuels by introducing several sustainable feedstocks and achieving uniquely high CO2 emission reduction compared to biofuels currently in the market,” says Jyrki Ovaska, Chief Technology Officer of UPM. UPM’s solid wood biomass-based residues and side streams would play a substantial role in the feedstock pool. In addition, it would consist of sustainable liquid waste and residue raw materials. “UPM has an excellent position and expertise acquired over the decades in biomass sourcing both in Finland and Central Europe thanks to our large-scale operations in the pulp, paper, timber and plywood businesses. We are also developing and testing innovative carbon farming concepts.” UPM will now proceed with a detailed commercial and basic engineering study to define the business case, select the most innovative technology option and estimate the investment need. The technology concept includes the use of green hydrogen in the production process. During the study UPM will also review the operating environment primarily in two locations: Kotka, Finland and Rotterdam, the Netherlands. The estimated duration of this basic engineering phase is minimum 12 months. If all preparations are concluded successfully, UPM would initiate the company’s standard procedure of analyzing and preparing an investment decision. “The UPM Lappeenranta Biorefinery, with annual capacity of 130,000 tonnes, has been a showcase of creating a successful new business beyond fossils. Years of investment in R&D and innovation have paid off. This gives us confidence to plan scaling up this exciting business”, says Ovaska. For further information please contact:Jyrki Ovaska, Chief Technology Officer, UPM, tel. +358 204 150 564 UPM, Media Relations Mon-Fri 9:00-16:00 EETtel. +358 40 588 3284 firstname.lastname@example.org UPM Biofuels produces renewable and sustainable products for the transport and petrochemical industries. We offer our customers ways to replace fossil raw materials and reduce their carbon footprint. UPM's innovative, bio-based products are frontrunners in quality, usability and sustainability. www.upmbiofuels.com Follow UPM Biofuels on LinkedIn| Facebook | YouTube| #beyondfossils UPMWe deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. We employ around 19,000 people worldwide and our annual sales are approximately EUR 10.5 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.com Follow UPM on Twitter | LinkedIn | Facebook | YouTube | Instagram | #UPM #biofore #beyondfossils