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Idemitsu, Qantas and Airplane back Australia biofuel refiner with $19.2 mln

Biofuel refiner Jet Absolutely no Australia said on Tuesday it had actually received new financing dedications of A$ 29 million ($ 19.2 million) from Idemitsu , Qantas and Airplane for its flagship Sustainable Aviation Fuel (SAF) project.

It marks the very first financial investment by Japanese oil refiner Idemitsu Kosan in a SAF job outside Japan, and was supported by Jet Absolutely no Australia's fundamental investors, including Qantas and Airplane, Jet No said in a declaration.

Qantas and Airbus last year stated it would jointly invest A$ 2. million in the job. Both business in 2022 set up a $200. million fund to assist fulfill Qantas' goal of utilizing at least 10% of. SAF in its fuel mix by 2030 after the airline positioned a. multibillion-dollar order for Jet planes.

The refinery, to be established in the state of Queensland, will. transform bioethanol from domestic agricultural spin-offs into. sustainable fuels. It is expected to produce up to 102 million. litres of SAF a year and 11 million litres of eco-friendly diesel. as soon as operational.

SAF can be mixed with conventional jet fuel and can lower. carbon emissions by up to about 80%.

(source: Reuters)