STOCKHOLM: Swedens largest fuel company said Monday that it has decided to stop a planned oil refinery expansion that would have made it the countrys biggest emitter of greenhouse gases and was increasingly becoming a hot potato issue for Prime Minister Stefan Lofven’s minority government.
Preem said that the COVID-19 crisis and its effects on the world economy have contributed to the project no longer being commercially sustainable.
Preem CEO Magnus Heimburg said in a statement that it was a commercial decision based on a balancing of the projects profitability and technical feasibility. He added that the economic downturn and declining demand for fuel have put pressure on the global refinery industry, including Preem.
The Swedish government has promised to lower greenhouse gas emissions but also to create more…