Neste Oil unhappy with biofuels penalty payment

Finnish Customs has levied a penalty payment of around €44 million ($59.9 million) to Neste Oil over the alleged missing of Finnish biofuel mandate requirements in 2009 and 2010.

The legislation requires companies distributing liquid fuels to provide the appropriate energy content specified for biofuels in any fuel supplied to customers. The legislation in question is intended to increase the use of biofuels and thereby reduce emissions.

Neste Oil has said it will pay the fine but it disputes the penalty, claiming it supplied all required data for the two years mentioned.

‘We dispute Finnish Customs' interpretation and believe we complied with the requirements according to the legislation in force at the time,’ read a company statement. ‘We have appealed the Finnish Customs' decision and, although we consider the penalty payment unjustified, it will be paid this January but it will not affect the company's result or balance sheet for 2013.’