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Preem publishes its Annual and Sustainability Report 2021

Preem's Annual and Sustainability Report 2021 has been published. The company reports a strong profit and increased sales against the background of a stable recovery in the market and more efficient operations. Sustainability work is characterized by a revised climate goal, reduced product emissions and renewable investments.

“2021 was an eventful year, with both great challenges and several important successes. In the wake of the pandemic, the first half of the year was marked by great uncertainty. By the end of the fall, however, there was a return to normality with growing economic activity and stronger demand for our products,” says Magnus Heimburg, CEO of Preem.

Strong profit and stable recovery in the market
Sales increased in 2021 to SEK 89,592 million, from SEK 58,190 million the previous year. Operating profit increased to SEK 5,007 million, from SEK -826 million in 2020.

“The strong result can be partly explained by a recovery in the market, but also by well-implemented organizational efficiency that reduced our overheads. We are well equipped to continue our sustainability transition and the major investment in renewable fuels,” continues Magnus Heimburg.

New climate target and reduced product emissions

In 2021, Preem revised its already ambitious climate target by bringing it forward ten years. As early as 2035, the company will have a climate-neutral value chain – the most ambitious target in the industry.

At the same time, Preem sold renewable fuel during the year, which reduced customers' emissions by 3,037 ktonnes of carbon dioxide, compared with pure fossil-based products. In 2020, the figure was 2,665 ktonnes of carbon dioxide.

Investments drive the sustainability transition

Preem believes that sustainability and profitability go hand in hand, and therefore invests heavily in investments in the sustainability transition. In 2021, a total of SEK 281 million was invested in increased renewable production and reduced climate impact. The investments included:

  • Completion of pipe system for the injection of renewable raw materials in a FCC (Fluid Catalytic Cracker) in Lysekil and testing with renewable raw material.
  • Improvements to the GHT (Green Hydro Treater) in Gothenburg.
  • An ongoing project for the conversion of Synsat in Lysekil to a facility that will be able to process large volumes of renewable raw materials.
  • Started production of renewable petrol from pyrolysis oil at Preem's refinery in Lysekil.

Read more about Preem's business and its sustainability work during 2021: