Aemetis Indian subsidiary achieves record biodiesel revenue in May
Aemetis’ subsidiary Universal Biofuels India has achieved record domestic biodiesel revenues of $4 million (€3.5 million) in May, the company announced, as shipments under a supply contract to three government-owned oil marketing companies (OMCs) began.
The biodiesel supply contract, worth $23 million (€20 million), was due to commence in May and was awarded under a public tender process.
“The supply arrangement announced in March has now resulted in a rapid ramp-up of biodiesel deliveries to about $4 million for the month of May, which was the first month of shipments to OMCs,” said Eric McAfee, chairman and CEO of Aemetis.
“The India business continues to expand its market reach by winning new customers in trucking, mining and construction. We are also expanding the number of retail fuelling stations in India that sell our clear, distilled, Universal Biofuels brand biodiesel.”
The Indian biodiesel plant recently completed the installation and commissioning of a pretreatment plant and related utilities upgrades to convert waste feedstocks into high quality distilled biodiesel.
According to Aemetis, the plant will supply biodiesel to the approximately 25 billion gallon diesel market in India.