Recent developments
SAF project development
Topsoe has been selected by ANCAP to provide technology for a SAF and renewable diesel unit at the La Teja Refinery in Montevideo, using HydroFlex, proprietary equipment, and catalysts to produce about 3,000 bpd. FID is targeted for 2027 with operations by 2030, processing rapeseed oil and beef tallow. The project targets avoidance of roughly 390,000 tCO₂ per year, aligned with projected regional aviation demand.
Airline SAF uptake
Neste and Cathay Group expanded supply of Neste MY Sustainable Aviation Fuel for flights from Amsterdam Schiphol and Los Angeles, and to Singapore Changi for Air Hong Kong. SAF is blended up to 50% with conventional jet fuel and produced from waste and residue feedstocks. Neste’s SAF capacity is 1.5 Mt/y, planned to increase to 2.2 Mt by 2027 across Europe, the United States, and Asia-Pacific.
Biomethanol scale-up
Perpetual Next completed an early redemption of remaining bonds as part of deleveraging ahead of a planned 2026 growth-capital inflow. Simultaneously, Perpetual Next is expanding its biomethanol production using a standardized Biomethanol Blueprint at four sites in Europe and the United States to accelerate commercial-scale output, supported by engagement with ING Corporate Finance to raise growth funding.
Biomethane portfolio shifts
Iberdrola has agreed to sell its gas assets for slurry treatment in Spain (52 MW) to Edison Next, including four biomethane projects under development. The divestment aligns with an asset rotation strategy toward electricity grids and renewable generation, adjusting exposure to biogas and biomethane while reallocating capital to core electrification initiatives and partnerships.
Targets and capex
Neste has revised its climate targets, aiming for an 80% Scope 1–2 reduction by 2040 and extending the 50% interim target to 2035, citing capital constraints. The transformation of the Porvoo refinery into a renewable and circular hub is delayed, while a €2.5 billion Rotterdam renewables expansion continues. The company removed offsets from target-setting and is pursuing efficiency and alternatives to fossil hydrogen.