China New Energy enters into new biorefinery contract

China New Energy (CNE), the bioenergy engineering and technology firm, has secured a contract to build a biorefinery for Ubon Bio Ethanol in Thailand.

CNE hopes to begin work on the new project – worth RMB100m (€12 million) - in late 2014, and reach completion by 2016.

The existing facility, commissioned by Ubon Bio Ethanol, is a first-generation biorefinery, converting cassava feedstock into 100,000 tonnes of anhydrous fuel grade ethanol per year.

The biorefinery will imitate this current facility, which was opened in December 2013 and is currently in full production.

On Monday, CNE's stock was 10.1% higher at 4.1p.