Aemetis’ subsidiary Universal Biofuels India has announced boosted revenues of over $50 million (€44.5 million) per year run rate, thanks to shipments of biodiesel that began in May.
The biodiesel shipments are part of a previously announced $23 million (€20.5 million) supply contract with three Indian government-owned oil marketing companies (OMCs).
“The supply contract with the OMC’s was announced in March and we began biodiesel deliveries in mid-May to multiple OMC locations,” said Eric McAfee, chairman and CEO of Aemetis. “While ramping up biodiesel production to achieve new records, during the past few months the India plant has also recently upgraded its onsite power generators, improved truck access for inventory loading and is installing additional automation systems to maximise production yields while minimising costs.”
According to Aemetis, the use of biodiesel in India is rapidly expanding, led in large part by the OMCs.
In 2018, the India National Biofuels Policy set a goal of 5% biodiesel blend for transport vehicles, the equivalent of approximately 1.1 billion gallons per year of biodiesel.
In the same year, the three OMCs – which currently supply 70% of Indian domestic diesel – issues purchase requests for 260 million gallons of biodiesel for 2019.
Aemetis recently announced the completion of the installation and commissioning of a pretreatment plant and related utilities upgrades at its Indian biodiesel plant. This will enable the company to convert low-cost waste feedstocks into high quality biodiesel.
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