Empire Oil Refineries to acquire Promethean Biofuels

In China, Empire Oil Refineries has signed a letter of intent (LOI) to acquire Promethean Biofuels, as a wholly owned subsidiary of the company.

'We are pleased with the execution of the LOI between Empire and Promethean as it fits into our strategic plan to acquire assets in the biofuel clean energy space,' says Arshad Shah, president and CEO of Empire Oil Refineries. 'We feel that the addition of Promethean to our company provides an eco-friendly way to produce clean energy with biofuels.'

Promethean Biofuels collects used cooking oil and grease and converts it into biodiesel.