Four Rivers enters a sales deal with BP Oil
The deal will see the sale of EN 14214 specification biodiesel from the Four Rivers facility in the UK. For an initial period of five years the company will be selling at least 60,000 tonnes of the blended biofuel.
Under the signed agreement the term will begin to meet the contract delivery requirements when the Four Rivers refinery reaches the minimum production capacity.
Within the next seven months the firm is aiming to increase its production capacity of biodiesel from 77,000 tonnes to 100,000 tonnes annually. In three years Four Rivers plans to have further expanded its production to 200,000 tonnes every year.
Included in this strategy is the development of its own port and storage facilities at the nearby deep sea water port in Blyth, Northumberland, UK.
Four Rivers is currently in discussions with possible suppliers of feedstock from which it will produce the biodiesel.
The CEO of Four Rivers Stephen Padgett said: ‘The BP contract is an endorsement of our strategic approach to realising the potential of biofuel and renewable energy by acquiring distressed assets and turning them around operationally, financially and commercially through the application of our expertise and technology, and partnering with world class energy companies.’