Boreal Bioref Oy is a tool for getting a biorefinery in Kemijärvi
The City of Kemijärvi wants to ensure that Kemijärvi gets the biorefinery, because it will create one thousand jobs, among other things. For this reason, the city has become a shareholder in Bioref Boreal Oy. It is sensible to invest city funds in a private company, because it increases the likelihood of the biorefinery becoming a reality.
A small, private company is more agile than a large public organisation. A company can also utilise various funding channels, unlike a city or a municipality. Financial support is available, because the government is investing in bioeconomy.
The company is a tool used to continue planning, carry out the EIA process, get all the necessary permits and kick off investments in the refinery. Once the investment has been secured, the investing company will take the reins.
• A company founded for the development of the Kemijärvi biorefinery
• Founders are Kemijärven kehitys Oy (24%), owned by the City of Kemijärvi, and two privately-owned companies: Halla Oy (38%) and Sijoituskiila Oy (38%)
• The key objective is to ensure the biorefinery investment in Kemijärvi
• The board and operative management are responsible for the company's operations
• The shareholders have made a commitment in the shareholder agreement, according to which control of the company will be transferred to the investor or industrial partner once the investor has made the decision to invest in a biorefinery in Kemijärvi
• The project received an award in the Ministry of Employment and the Economy's biorefinery competition
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