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Bioenergy and biomass-based products offer the greatest new opportunities for diversifying business in the forest cluster. In particular, biorefineries, which can be integrated into the pulp and paper industry, seem to have immense future potential. This article aims to explore the biorefinery concept and related new products and business operations, as well as new business strategies and company models, which are part of the biorefinery value chain. These factors, which contribute to the establishment and success of forest biorefineries, were examined using internet survey responses and compared between Scandinavia, North America and South America. This article looks at the results of the survey – primarily from the Finnish perspective – to help identify competitive advantages upon which successful business operations in the Finnish forest cluster can be built. According to the survey, the outlooks for technical and raw material choices, as well as barriers to biorefinery diffusion, are very similar in all the studied areas. Biorefineries and related energy products are considered the way to sustainably guarantee the forest cluster’s success. An increase in the price of oil motivates the development of forest biorefineries and wood-based biofuels; however, it is obvious that there is a need to revaluate from a fresh perspective the utilisation of wood and the wood-refining chain in the forest cluster. The survey respondents consider wood-based biofuel and chemical production a serious business opportunity for the forest cluster. In Finland, there is a strong confidence in the production of biofuels. However, all the countries included in the study trust in their own national strengths and in their chance to be a leading actor in the forest biorefinery business worldwide. The forest biorefinery business seems to have market potential, and global competition can thus be expected. Article Outline 1. Introduction 2. Promotion of biofuels in Europe, North America and