Idemitsu, Qantas and Airbus back Australia biofuel refiner with $19.2 mln

Biofuel refiner Jet Zero Australia said on Tuesday it had received new funding commitments of A$29m ($19.2m) from Idemitsu, Qantas and Airbus for its flagship Sustainable Aviation Fuel (SAF) project. It marks the first investment by Japanese oil refiner Idemitsu Kosan in a SAF project outside Japan, and was supported by Jet Zero Australia's foundational investors, including Qantas and Airbus, Jet Zero said in a statement. Qantas and Airbus last year said it would jointly invest A$2m in the project. Both companies in 2022 set up a $200m fund to help meet Qantas' goal of using at least 10% of SAF in its fuel mix by 2030 after the airline placed a multibillion-dollar order for Airbus planes. The refinery, to be set up in the state of Queensland, will convert bioethanol from domestic agricultural by-products into sustainable fuels. It is expected to produce up to 102m litres of SAF a year and 11m litres of renewable diesel once operational.<br/>