Stora Enso, Neste drop biodiesel plan as EC funding bid fails

HELSINKI Fri Aug 17, 2012 9:47am EDT

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HELSINKI Aug 17 (Reuters) - Finnish forestry group Stora Enso and refiner Neste Oil dropped plans to build a biodiesel plant together after a failed bid for funding from the European Commission.

The companies said in a joint statement on Friday that the project would have required a significant investment, and that they may not have gone through with it even with funding from the Commission's NER 300 programme, which encourages renewable and low-carbon energy projects. (Reporting by Helsinki Newsroom; Editing by Helen Massy-Beresford)

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