Galp Energia cancels northern Portugal project, citing feedstock prices

In Portugal, Galp Energia has cancelled development of its Matosinhos refinery, due to the escalating cost of feedstocks. Galp announced a year ago that it would invest up to $350 million to adapt its refineries to produce second generation biofuels, with more than $70 million earmarked for Matosinhos. The company did not make announcements with respect to its facility at Sines, where it expects to complete construction in 2010 of a 500,000 tonne biofuel plant.

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