By Joshua Stein

OMV AG said Tuesday that it is investing nearly 200 million euros ($242.8 million) into a biofuel center in Schwechat, Austria.

The Austrian oil-and-gas company said the investment would decrease its carbon footprint by around 360,000 tons, as the biofuel will replace diesel currently used at the plant.

The facility will convert 160,000 tons of liquid biomass into CO2-free fuels, OMV said. The company expects demand for its biofuel to increase 10-fold by 2030, it said.

Write to Joshua Stein at joshua.stein@wsj.com

(END) Dow Jones Newswires

December 15, 2020 04:12 ET (09:12 GMT)

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