Renewable

May 25 (Renewables Now) - Finnish oil refining and marketing company Neste Oyj (HEL:NESTE) on Friday said it has agreed to acquire sole control and a stake of 51% in Dutch animal fats and proteins trader IH Demeter BV to boost its biofuel production.

The financial terms of the deal, which hinges on regulatory approvals, were nod disclosed in the statement. Upon completion, the enlarged company will be called Neste Demeter BV.

The investment backs Neste's strategy to establish a global waste and residue raw material platform to secure raw material availability and competitiveness, the company's executive vice president of renewable products Kaisa Hietala noted in a statement.

Established in 1924, IH Demeter operates a network that covers some 150 rendering facilities throughout Europe, from which it acquires animal fats and proteins and transports them to storage facilities.

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