News Post
Preem cancels its plans for its Residue Oil Conversion Complex in Sweden
Preem of Sweden recently announced that its planned $1.65 billion Residue Oil Conversion Complex (ROCC) will have its environmental permit withdrawn and progress will be ceased. The pandemic driven effect on the economy was cited as a principal reason.
The ROCC project was designed to curb sulfur-rich heavy fuel oil at the Lysekil refinery in favor of lower sulfur products like diesel and gasoline. The Swedish government had yet to allow this expansion, and this project had also received pressure from climate activists as well. However, the COVID-19 pandemic was key to this dismissal. Preem CEO Magnus Heimburg said that “Dismantling the ROCC project is a commercial decision” and that “the COVID-19 crisis and its effects on the world economy have contributed to the project no longer being commercially sustainable.”
Preem will instead focus on production of renewable fuels at the Lysekil complex and is expected to submit a new application for large scale production of renewable fuel this fall.
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