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Copyright © 2021 Greenea. All rights reserved January 06, 2021
The Year 2021Which investments will see the light in the
biofuel industry?
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What is the worldwide situation of the biofuel market in end-2020?
2
2020 was a challenging year for the whole biofuel industry, as we have seen an unprecedented acceleration of investments in the biofuel market.
On the biofuel supply side, more than 20 companies worldwide seriously announced an investment in a HVO factory to serve the European and US markets. On thefeedstock supply side, we had a crisis on the feedstock supply fueled by covid-19. In some regions, feedstock supply was 30% down compared to 2019, where biofuelsdemand was only 5 to 10% down. This shortage of feedstock supply was a crash-test for actors, as we fear there will not be enough feedstock to meet HVO supply inthe coming years.
Why such a popularity? Countries’ mandates is above the blend wall pushing the use of alternatives of FAME and Ethanol. HVO is at this stage the only alternative todiesel biofuel FAME, and the number of diesel vehicles is so important (around 70%) in the EU, that distributors cannot bet on other alternatives non-diesel related tofulfill the mandates. Financially, HVO production makes more sense as for majors, margins are attractive, while cost per GJ remain in the same order of magnitudethan FAME and UCOME costs. Finally, HVO production allows an actor to have a feet in the sustainable aviation fuel market, the bio-naphta market and the bio-LPGmarket, the three molecules being co-products of HVO production.
What are the risks? The main risk is about feedstock procurement, as it is not clear today how the capacity added in 2020 can secure feedstock considering thecurrent pressure on the resources. The second risk concerns the blend wall definition. If B7 will remain the main biofuel used for diesel cars and B10/B30/B100 do notheavily penetrate the market, then HVO is safe in the short-term. In the long-term, the EU is shifting towards gasoline vehicles, meaning less diesel sales and in itswake probably less diesel biofuel sales.
2021 should probably be the year where companies are going to be down-to-earth, as investments will concretize. Players may realize that the task is harder than itseems, particularly on the operational side to secure waste-based and advanced feedstocks.
Regarding covid-19 impacts on supply and demand. Despite a complicated year, exports to the EU are increasing in the top exporters, making the EU more andmore reliant on the outside. Regarding feedstocks, covid-19 barely hit exports from foreign countries to the EU. Since October 2020, most of the exporters are back tonormal or better than in 2019, except China and Indonesia. Regarding diesel biofuels imports, China’s UCOME exports to the EU increased by around 300kt,increasing always more the EU’s dependance on fuels it soon won’t be able to use.
Legislation. European countries have until end-Q2 2021 to translate REDII into national schemes, however some countries have already taken the leap, particularly inWest and North Europe. For instance, the German Ministry of Environment has started the process of REDII transposition with an ambitious draft of law that projects toincrease the GHG reduction mandate by 22% by 2030. In the UK, a cap of 4% 1G feedstock has already been proposed decreasing to 2030. Italy, Sweden,Netherlands, Spain have as well set some guidelines for the next decade.
More to see in the following presentation!
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Everywhere in the world, new HVO1 projects are projected to significantly increase by 2025, triple in the EU, six-fold in the US, and three-fold in Asia compared to 2020
3Source: Greenea Analysis Note: 1. Includes all type of HVO for road transport projects: pure and co-processing projects
0
10
5
15
North America
1,9
12,6
x6.5
0
3
1
2
East Asia
0,34
1,10
x3
v
0,0
0,5
1,0
South America
0,00
0,77
∞
0,0
1,5
3,0
4,5
Southeast Asia
1,30
3,90
x3
v
15
12
6
0
9
3
Europe
3,50
11,30
x3.2
HVO capacity
(million ton)
HVO capacity
(million ton)
HVO capacity
(million ton)
HVO capacity
(million ton)HVO capacity
(million ton)
2020 2025
2020 2025
2020 2025
20252020
Pure HVO and co-processing projects running or announced
2020 2025
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… and so are biojet fuels, mostly HVO-based, where most of the projects will see the light in 2025
4Source: Greenea Analysis
Biojet projects running or announced
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For 3 years, the EU has not been ensuring its own UCO collection to meet its UCO(ME) demand and therefore the EU has drastically increased UCO(ME) imports
The amount of UCO collected in Europe is slowing down since 2015…
Around 60% of the UCO supply comes outside EU, around 65% of the latter from Asia
Source: Greenea Analysis, Custom Data, USDA
800
0
400
1,200
926
2014 2020f2012 20132011 2015 2016 2017 2018 2019
350450
550
750
1,100
900 850
1,060
792+27%
+5%
EU UCO collected (thousand ton)
… and UCO imports have accelerated during the last three years due to the
growing EU demand
400
0
800
1,200
1,600
20142013
450
20162011 20152012
997
2017 2018 2019
480
2020f
350484
1,340
534
859
1,2351,360
+19%
+10%EU UCO imports (thousand ton)
LATIN
AMERICA
87 KT
NORTH
AMERICA
116 KT
MIDDLE
EAST
133 KT
EAST ASIA
374 KT
EAST EUROPE
+ RUSSIA
120 KT
SOUTH EAST
Asia and Oceania
482 KTAFRICA
24 KT
UCO exports to the EU-27 (2020f)
Waste-based in the EU: maturity was reached, and the surplus will rely on imports
More UCOME/HVO from Asia was
imported to compensate the gap
and keep the biodiesel production
steady
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E20 B20
Ethanol blending mandate
Biodiesel blending mandate
USA
E5 B12
Argentina Brazil
E10
Angola
EX B2
South Africa
E10 E10
Kenya
E10
Mozambique
E2
Mexico
E7 B20
Costa Rica
Colombia
E5 B5
Ecuador
E25
Paraguay
E7 B2
New South Wales
B20
Malaysia
Thailand
E5 B20
Indonesia
E5
Vietnam
E10
Philippines
B2
B2.5
South Korea
China
EU
10% of biofuels
(cap 7% of 1G)
E10 B5
India
E3 B0.5
Queensland
E10 B5
E27 B11
B15 target
in 2023
E9-10 B6
Uruguay
E7.8 B5
Peru
E10 B10
B1
E5 B4
British Columbia Saskatchewan
E7.5 B2E5 B2
Alberta Ontario
E5 B4E8.5 B2
Manitoba
E10
Panama
JAMAICA: E10
E5
Ethiopia
E10
Sudan
E2
Japan*10% in 2021 is the objective for the EU
14% in 2030 with a minimum of 3.5% on
advanced biofuels
B30 target
in 2019
E20 - 2025
B15 target
in 2019
B5 under
discussion
California
B5 or B20
Minnesota
B5 (Oct-March)
B20 (April-Sept)
B10 and
E10 target
in 2019
B12 target
B10 target
E10 target
in 2019
E10 under
discussion
E27.5 under
discussion E20 target
Malawi
The exporters of yesterday may be the consumers of tomorrow, particularly the biggest exporters such as China …
6
Source: Greenea Analysis, Governments websitesNote:
It is noticeable that most of the oil-producing - particularly from OPEP - have not implemented a biofuel mandate.1. Turkey only has a mandate of 0.5% of biodiesel
Year 2019/2020
Turkey
B0.5
In 2020, China has set an ambitious goal
to be carbon neutral by 2060, promoting
particularly biofuels from non-food
biomass
E20 B10
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… and the competition is becoming fierce …
China is flooding the EU market with UCO/UCOME and US diesel UCO-based biofuels demand grows –
to satisfy the CA1 mandate
Source: IEA, Greenea AnalysisNote:
1. California 2. 2019 is more of reference year considering covid-19 crisis in 2020
Most of the southeast Asian countries collect less than 30% of their UCO potential, however the UCO is
locally used or locked for further local projects
179
107
72
25
15
9
8
1
990
456
544
58
39
26
234
161
10
0 500 6.5001.000
EU
China 6.104
Cambodia
Philippines
Malaysia
Vietnam
Hong Kong
India
Indonesia
Singapore
Thailand
USA
1.151
1.331
0
1.1001.102
1.184
Malaysia is a hub for UCO
consolidation area from
surrounding countries
China is starting to use
the UCO locally and
may reduce exports in
the next years
In Indonesia, the geographical
constraints are limiting the share of UCO
collected
UCO exports are limited in India
by the government, which wish to
use UCO for local mandates
The US is close to reach its limit of UCO
collected and may start importing UCO –
from Asia - to satisfy its local growing
demand
The UCO collection in Europe is robust –
and today the EU only relies on imports
for the growing demand of UCO
UCO collected and potential (thousand tons) - 20192Large Oil and Gas majors are
taking positions to lock UCO in
China and Malaysia
170118 137 157
205
693736
832
723763
32
110 134 150 166116 112
600
150
450
300
750
2015 2016
122
2010 2011 2012 2019
112
2013 2014
215
2017 2018 2020f
600
0
200
400
800
349
0
481
1
2
20132012
6
10
274
2014
12
2015
43
2
2016
232
45
2017
278
2018
525
2019
847
2020f
China UCOME exports1
China UCO exports EU-27
USA diesel UCO-based biofuels domestic production
(thousand ton)
Chinese exports to Europe
(thousand ton)
Conclusion: Less UCO and more UCOME available for European actors?
Exports to the EU are
going down following
increase in domestic
production
UCOME consumption
UCO exports to the EU-27
UCO Collected UCO Potential
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The EU is still dependent on foreign countries, the total accounting for 1.4mt in 2020,…
Imports to the EU-27 are growing in most UCO-collecting countries, gravity center shifted from China
to Malaysia and to non-traditional exporters
Source: Greenea Analysis, Customs HSCODE 15180085/99
Covid-19 impact barely hit exports. Most of the exporters are back to normal or better than 2019 in
October 2020, except China and Indonesia
481
116
68
53
11
355
112
273
115
94
78
43
18
400300 1.000 1.3000 100 1.4001.200200 1.100
Russia
1.360
274
997
Egypt
USA
Malaysia
Others
62
KSA
Japan
1.340Total
Indonesia
113
1.235
101
China
333
-207
+160
-22
+24%+10%
2020f UCO imports (EU-27)
2018 UCO imports (EU-27)
2017 UCO imports (EU-27)
2019 UCO imports (EU-27)
Apr-20
10
Oct-20Jan-20
30
Jul-200
20
40
50
4
33182126 28
11
2530
33-16%
5Jan-20
10
Jul-20Apr-20 Oct-20
15
20
119
12
1817
6 65
1012
+26%
10
Oct-20
40
Jul-20Apr-20Jan-200
20
30
50
141611 13
19
3127
22
14
45
+105%
Oct-20Jan-20 Apr-200
Jul-20
15
10
5
20
3 47
10
4 4
15
10 10
4-38%
4
Jul-20Jan-20
6
Apr-20
14
Oct-20
8
10
12
67
5
11 10
45 5
7
5-4%
China USA
EU-27 UCO imports (thousand metric ton)
Malaysia Indonesia
KSA Japan
China is using more UCO for
producing UCOME/HVO for export
to the EU, which explains why it
went down in 2020
Average 2019UCO monthly exports to the EU
Dependance on exports for
the UCO is increasing every
year
Jul-20
3
Jan-20 Apr-20
4
Oct-20
5
6
3
6
3
3 3
4
3
4
3
4
+15%
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9
FAME/HVO dependance on imports exploded in the year 2020, covid-19 was a catalyst, as the EU-27 economy was not producing enough domestically
China’s UCOME increased by around 300kt and PME imports decreasing since EU government are
not promoting it, and palm oil boomed
Source: Greenea Analysis, Customs HSCODE 38260090
Covid-19 may have increased dependencies for diesel biofuel imports, particularly from China
38
32
21
159
99
56
33
100 1.1008007000 600 1.000900
India
1.041
805
847China
Korea
525
742
Argentina
Indonesia
Malaysia
Hong Kong
876
531
+322
-646
2019 UCOME imports (EU-27)
2020f UCOME imports (EU-27)
50
Jul-20Apr-20Jan-20 Oct-20
100
112
59
34 35 31
7684 89
61
124
+184%
Jan-20 Apr-20
100
Jul-20 Oct-20
50
150
200
6959
106
72
142
41
9270
126
91
+28%
Jul-20Jan-20
100
Apr-20
80
Oct-20
20
60
0
404246
26
57
22
81
5547
3038-14%
Jan-20
30
Apr-20 Oct-200
Jul-20
10
20
40
50 43
13 168 9 9
1810
52 -84%
5
Jul-20Jan-20 Apr-20
10
Oct-20
15
20
5
14
19
5 4
9
14
8
5
+58%5
Apr-20 Oct-20Jan-20 Jul-20
10
15
7
14
10
5
02
7
+106%
China ArgentinaEU-27 FAME imports (thousand metric ton)
Malaysia Indonesia
Korea India
FAME/UCOME monthly exports to the EU-27
Average 2019
This could explain
why China UCO
exports decreased
Anti dumping measures in the
EU and high prices of PME
discourage actors to import
Mostly UCOME and
POME
UCO is banned for exports in
India, but some factories are
in free exports zones
Mostly UCOME and
POME
Anti dumping measures in the
EU and high prices of PME
discourage actors to import
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HVO prices have became more transparent in 2020 as HVO producers are increasing, despite covid-19 crisis, spreads remain constant
10
Source: Greenea AnalysisNotes:
1. Since beginning September 2020, market transparency has increased.2. UCO DDP North West Europe (USD per ton)3. T2 FOB ARA (USD per ton)4. T2 FOB ARA (USD per ton) North West Europe5. Hydrotreated Esters and Fatty Acids (HEFA) Synthetic Paraffinic Kerosene North West Europe
Prices (USD per ton)
HVO not transparent
Market more transparent with
day-to-day reporting1
360
848
1,212
1,742
2,0732,014 2,057 2,057
1,858 1,8831,983 1,958 1,983 1,983
2,086 2,083
1,200
22 Nov 2020
1,800
1,400
1,000
400
600
800
7 Dec 2020 22 Dec 2020
1,600
2,000
7 Nov 20208 Oct 202023 Sep 2020 23 Oct 2020
1,696
1,858
+406
+1,307
Diesel price2 UCO price3 HVO base UCO4UCOME price3 SAF5
HVO market has became
more transparent as new
actors emerged1
North West Europe Region
prices, in some countries we
observed an additional
premium up to 500 USD per
ton
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MANDATE 2019 2020 2021
EC biodiesel 7.9% 8% 8%
EC biogasoline 8% 8.2% 8.6%
MANDATE 2019 2020 2021
GHG 4% 6% 6%
Advanced - 0.05% 0.10%
MANDATE 2019 2020 2021
Biofuels 8% 9% 10%
Advanced - 1% 1.5%
MANDATE 2019 2020 2021
Biofuels 7% 8.5% 9.5%
Advanced - 0.1% 0.1%
GHG - 6% ?
Biofuel Legislations for the most biofuel-consuming EU countries
In France, the Parliament is currently discussing the draft of the 2021 budget law, which article 15 notably the
ban of palm oil and soybean oil in 2021. No GHG mandate will be included in the law before 2022.
The German Ministry of Environment has started the process of REDII transposition with
an ambitious draft of law that project to increase the GHG reduction mandate
by 22% by 2030
In Italy, major changes from 2023 are in the making: the ban of palm and soy oil for biofuels eligibility + the
separation of the blending obligation for diesel and gasoline. A proposition to put a cap of 2.5% cap on used
cooking oil was proposed by the government and to include biogas in the advanced sub-target. New
advanced sub-targets have been published on March 2, 2018, for which biomethane account for 75%, the
remaining 25% being covered with biofuels made from Annex IX Part A feedstocks.
Spanish authorities have drafted a Royal Decree to increase the biofuels blending obligation to 9.5%
and 10% e.c in 2021 and 2022, respectively.
The focus is on a linear path with indicative levels for 2030 of 28% for petrol and 66% for diesel, with a
control station in 2022”. It also confirmed its willingness implement a biojet obligation (0.8% GHG from 2021
or 2022) but delays linked to the coronavirus situation were announced. The draft of law is still not available.
It is unlikely that the Netherlands will put a cap on waste-based mandates since biofuel mandates are
high.
MANDATE 2019 2020 2021
Biofuels 12.5% 16.4% 17.5%
Advanced 0.8% 1% 1.2%
GHG 4% 6% 6%
MANDATE 2019 2020 2021
Biodiesel 20% GHG 21% GHG 25.3% GHG
Biogasoline 2.6% GHG 4.2% GHG 5.6% GHG
How does this translate into demand in supply in the year 2030?
Country examples (non-exhaustive)
Countries have until end-Q2 2021 to translate REDII into national schemes, however the following countries have already taken the leap…
Source: Government WebsitesNotes: EC: Energy Content 11
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High competition on 1.5G and 2G feedstocks pushed companies to directly acquire feedstock collectors and engage in ventures – the trend is accelerating with an increasing pace
Biofuel producers and waste-based feedstocks join-ventures and acquisitions in the last three years,
mostly from Holland
Source: Press Release, Companies Websites
Biofuel producers and waste-based feedstocks # join-ventures and acquisitions have been booming
since 2018
Buyer Seller Country Biocomponent Time Type Capacity
Neste Alterra Energy USAPlastic waste
liquefactionJan 2021 Equity
Gevo Praj India Biojet Q4 2020 Join Venture
Shell Red Rock USA Biojet Q4 2020 Join Venture
NesteBunge Loders
CroklaanHolland Storage / refinery Nov 2020 Acquisition
Shell World Energy USA Biojet Q3 2020 Join Venture
Neste Count Terminal Holland UCO May 2020 Acquisition
Muenzer Rotie Holland UCO Apr 2020 Acquisition 120 kt
NesteMahoney
EnvionmentalUSA UCO Mar 2020 Acquisition
Quatra Collecto Leo France UCO Mar 2020 Acquisition 2.5k tons
JGC JXTG Japan Biojet Q1 2020 Partnership
Hahn & Co. SK Chemical Korea 1.5G FAME Feb 2020 Acquisition 120k tons
Finco Fuel Goodfuels HollandHVO / Biofuels
DistributionJan 2020 Acquisition -
BP Bunge Brazil 1G Ethanol Dec 2019 Join Venture -
Sunoil Kampen Holland 1.5G FAME Oct 2019 Acquisition 150k tons
Verbio Atlantic Biodiesel Canada Biodiesel 2G May 2019 Acquisition 150k tons
Gunvor Bionor Spain 1.5G FAME Feb 2019 Acquisition 200k tons
Quatra Roti Holland UCO Jan 2019 Acquisition -
Greenergy Rexon Energy Singapore UCO Sep 2018 Acquisition 150k tons
Parcom Capital Simadan Holland Biodiesel / UCO Jul 2018 Acquisition
NordEster Oleovia France Biodiesel / UCO Jul 2018 Acquisition
Argent Energy BDA Holland TME Jul 2018 Acquisition 120k tons
Greenergy Oiltanking Holland 1.5G FAME Jul 2018 Acquisition 200k tons
Neste Demeter Holland UCO / AF May 2018 Join Venture
Neste Electrawinds Holland Biodiesel Dec 2016 Acquisition
1
6
5
11
1
20202016
0
2017 2018 2019 Jan-21
Biofuel producers and waste-based feedstocks
suppliers # acquisitions/ventures
Projected # of biofuels
and join-venture
acquisitions following
beginning of the year
pace
Biofuel producers and waste-based feedstocks join-ventures and acquisitions is becoming trendy
Will this trend continue in
2021?
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Regarding 2G, supply must be multiplied by five by 2030 to reach targets
13Source: Greenea AnalysisNote: 1. PJ = million of GJ, including macroeconomic hypotheses in energy needed in 2030 in the EU
Around 300 kt of biodiesel from POME
were consumed in 2019
Around 150 kt of biodiesel from tall oil
consumed in 2019
50kt of 2G biodiesel mainly from POME,
tall oil and SBE consumed in 2019
Around 80kt of biodiesel from tall oil
consumed in 2019
Country examples
(non-exhaustive)
HVO Tall oil
POME (Biodiesel + HVO)
Ethanol Wine lees
Biogas (animal manure)
Food waste (Biodiesel)
SBE (Biodiesel)
Biomethanol
Ethanol Bagasse 0,7
Bio-naphta
2,8
44,5
PJ
Mandate in 20302
1,2
Total 2G in 2020
15,9
11,7
7,9
1,0
0,7
211,8
2,6
x5
Biofuel consumed in the EU (PJ1) from different mix of
feedstocks in the annex 9A (2019)
Around 30% of
overall
Around 25% of
overall
MANDATE 2019 2020 2021
Biofuels 8% 9% 10%
Advanced - 1% 1.5%
MANDATE 2019 2020 2021
Biodiesel 20% GHG 21% GHG 25.3% GHG
Biogasoline 2.6% GHG 4.2% GHG 5.6% GHG
MANDATE 2019 2020 2021
Biofuels 12.5% 16.4% 17.5%
Advanced 0.8% 1% 1.2%
GHG 4% 6% 6%
MANDATE 2019 2020 2021
Biofuels 18% 20% 18% not DC
Advanced
GHG 6%
Around 15kt of POME, 100kt of acid oils in
2019
MANDATE 2019 2020 2021
VOL diesel 8.25% 9.25% 10.1%
Advanced 0.1% 0.2% 0.5%
GHG 4% 6% -
Around 15 kt of Ethanol from Bagasse
were consumed in 2019 and 100 kt of
biomethane
Around 50 kt of Ethanol from wine lees
in 2019
MANDATE 2019 2020 2021
EC diesel 7.9% 8% 8%
EC gasoline 8% 8.2% 8.6%
MANDATE 2019 2020 2021
GHG 4% 6% 6%
Advanced - 0.05% 0.10%
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14
2021: The year where HVO/UCOME players will start considering the below elements…
Global feedstocks deposits are stretched…
Source: Greenea Analysis
UCO quality unpredictable
Expected issues on UCO quality due to
limited UCO supply, impacting UCOME
production yields and increasing
factories maintenance costs
The ban of palm oil & soybean oil
starting in EU states will keep increasing
pressure on the biodiesel price, the
former is forecast to increase
1G FAME prices up thanks to palm oil phase-out
B10, B20, B30, B100, E85 are
penetrating the market making HVO
demand at risk in the EU and California
Threat of higher blend walls
China
USA
South America
India
Total WB
Middle East
Europe
RoW
Advanced
feedstock
Feedstock to find
7,0
HVO cap
203031,0
6,4
Global waste-based feedstock deposit in 2030
(million ton)
Investors will start taking more in
consideration the consumption change
between diesel vs gasoline fuel and the
market penetration of vehicle electrics
At least 3 new Trading Desks for Biofuels
& Feedstocks starting in Europe & Asia
making more pressure on trading
margins
Reducing trading margins
Decline of diesel and diesel biofuels in the wake
Local legislation is not promoting HVO,
rather promoting biogaz, B100, hydrogen
and renewable electricity
Local legislation increase
Several EU States support the biogas or
biomethanol for the 2G market in order to
have local approaches and avoid
dependence on SBE, POME, UCO
Alternative fuels boost
The feedstock and biofuel trader market
is limited, making it hard for new entrants
to attract experienced traders
Talented traders out
Does not make sense for States to rely
on feedstocks from outside the EU, as
waste-based feedstock imports is now
close to 70%
Increasing dependance for imports
Elements to consider before low carbon final investment decision …
Will 2021 be the year of questioning government policies, often very euphoric on biofuels and renewables in general, but the market reality will always be there to put things back in place
Feedstock demand is
bigger than global supply
of waste-based
feedstocks?
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Due-diligences for corporates, private equity and banks 3
Environmental, Social and Governance assessments4
Energy & Resource Optimization5
Feedstock procurement and trading risks 6
Transport, Logistics of Low Carbon Feedstocks7
Companies resilience against climate change8
BIOPLASTICS
AGRICULTURE
BIOFUELS
MOBILITY / TRANSPORT
RENEWABLE FUELS
RECYLCING
LEGISLATION
GREEN FINANCE
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enea.
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GREENEA, two complementary activities helping you overcome your sustainability challenges
Offering independent and objective analyses
in low carbon strategy
Pioneer in brokerage of
waste-based biofuels
NegotiationPrices Logistics &
operations
Regulations Production
Transformation Marketing
& Sales
Growth
M&A Risks
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enea.
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WE ARE ACTIVE IN 45+ COUNTRIES AROUND THE WORLD
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CLIENTS WE SERVE
FARMERSWASTE BASED
FEEDSTOCK SUPPLIERS
PRIVATE EQUITYAUTOMOTIVE
INDUSTRIALS
ENERGY
DISTRUBUTORS
BIODIESEL AND
ETHANOL PRODUCERS
AIRLINESRENEWABLE ENERGY
PRODUCERS
TRANSPORTATION &
LOGISTICS
BIOMASS
PRODUCERS
BIOGAS PRODUCERSTRADERS
RECYCLING COMPANY CITIES AND INSTITUTIONS
GREENEA has access to industry experts along all the value chain and all regions
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enea.
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FABIEN HILLAIRET OLIVIER MADIOT AREZKI DJELOUADJI
Managing Director of Greenea
+33 6 33 83 65 55 +41 79 955 41 00 +49 152 36 52 16 32
LA ROCHELLE
FRANCE
FRANKFURT
GERMANY
GENEVA
SWITZERLAND
Biofuels & Feedstock Broker
Partner & Biofuels Broker
Director of Greenea Geneva
Partner & Senior Consultant
Ask anything to our core team
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enea.
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We are not afraid to be off-road!
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enea.
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CREATING VALUE …
from downstream units to
upstream activities for majors or
financial institutions
… AND A GLOBAL NETWORKING
Over the years GREENEA has built up a
strong network in Europe,
Middle East & in Asia
RECOGNIZED EXPERTISE …
We have been rewarded every year by
Energy Risk Commodity Rankings
since 2016
The information presented in this document is provided for informational and demonstrational purposes only. The data is purely indicative and gives no warranty of prices at which transactions may be affected at any time. To the maximum extent permitted by
law, no responsibility or liability for the accuracy, quality, correctness or comprehensiveness of the data will be accepted by GREENEA whether arising from the negligence or otherwise. GREENEA shall in no circumstances be liable for economic loss or any
indirect or consequential loss or damages arising from the use of this data.
