Supplementary explanation on joint biorefinery project in Malaysia with PETRONAS and Eni

Euglena Group


Supplementary explanation on joint biorefinery
project in Malaysia with PETRONAS and Eni
Euglena Co,. Ltd.
Prime Market of the Tokyo Stock Exchange (Code: 2931)
2022.12.14




[Disclaimer Pocily]
Forecasts, outlooks, strategies and other non-historical facts contained in this document are based on information available to the Group at the time this document was
prepared, and the Group does not guarantee the accuracy of such information. These factors may differ significantly from forecasts due to changes in the economic and
business environment


Copyright Euglena Co., Ltd. All rights reserved.
 Commercialization - Overview of joint biorefinery project with PETRONAS and Eni

Jointly planning to develop and operate a 12,500 bpd (725ML/yr) biorefinery in Malaysia
Participation in this likely billion-dollar project with our target of 30% share represents a significant step to the
commercialization of our biofuel business. Project size and ownership shares are expected to be finalized by 2023.
Copyright Euglena Co., Ltd. All rights reserved.




Project overview
Location Pengerang Integrated Complex (PIC) in Johor, Malaysia
Production Flexible configuration to maximize the production of Sustainable
To be constructed in the Aviation Fuel (SAF) and Hydrogenated Vegetable Oil (HVO)
PETRONAS’s Pengerang Feedstock Used vegetable oils, animal fats, waste from the processing of
Integrated Complex vegetable oils, and other biomass including microalgae oils to be
explored in the mid-term
Processing capability About 650,000 tonnes per year of feedstock
Production capability Up to 12,500 barrels per day (about 725ML per year) of biofuels
(SAF, HVO and bio-naphtha)
Planned schedule Currently carrying out technical and economic feasibility
assessments, with the investment decision expected to be reached
by 2023 and the plant targeted to be completed by 2025
Ownership Our target of 30% share, subject to final agreement by 2023

---

 Commercialization - Overview of our partners

Partnership with two leading integrated energy companies in Europe and Asia
The project will mark an important milestone in their commitments toward carbon neutral business by 2050
Copyright Euglena Co., Ltd. All rights reserved.




Name Eni S.p.A
Name Petroliam Nasional Berhad (PETRONAS)
HQ Rome, Italy
HQ Kuala Lumpur, Malaysia
Revenue EUR77 billion (JPY10.0 trillion)
Revenue MYR248 billion (JPY6.8 trillion)
Op. profit EUR12 billion (JPY1.6 trillion)
Op. profit MYR72 billion (JPY2.0 trillion)
Total assets EUR138 billion (JPY17.9 trillion)
Total assets MYR635 billion (JPY17.5 trillion)
Description  A leading global integrated energy company
 Operating two bio-refineries in Italy with 1.1 MTPA Description  A leading integrated energy company in Asia
processing capacity, one of which in Venice was the  Partnership to supply SAF for the first Malaysia
world’s first biorefinery converted from a refinery Airlines flights, as well as venturing into the biofuels
 Strategic target of zero net emissions by 2050 space via co-processing at existing facilities, etc.
 Committed to Net Zero Carbon Emissions by 2050
Operations 69 countries
Operations Over 50 countries
Workforce More than 30,000 employees
Workforce More than 45,000 employees
Note: Figures as of FY2021. Financial results converted at the exchange rate as of end-2021 (EUR/JPY=130, MYR/JPY=27.5) 3