Preem has set up a goal to become climate neutrality by 2035, through investing in renewable fuels production and carbon sequestration measures like carbon capture projects. To keep capital requirements down, Preem intends to retrofit existing assets as much as possible.
Preem's refineries are around 20 percent more environmentally efficient than the average in Europe. We continue to make major investments in our refinery business, which aims to increase the production capacity of renewable fuels with less environmental impact and achieve optimization and profitability.
We want to be at the frontline of new raw materials and technologies for fossil free fuel. We use several guiding sustainability criteria in the assessments of raw material. We are currently running roughly a dozen research and development projects to find new raw materials and processes for fuel development.