Glencore invests in Biopetrol
Struggling Swiss biodiesel producer Biopetrol has received a helping hand from fellow national commodities trader Glencore.
The trader has taken a majority stake in Biopetrol Industries, which underwent financial restructuring earlier this year.
‘The changes in market conditions in the biofuels industry have made it necessary to achieve further economies of scale and extend the value chain,’ Biopetrol states.
Biopetrol has production capacity of about 350,000 tonnes of biodiesel at two sites in Germany, and is starting up a 400,000 tonnes biodiesel plant in Rotterdam in the Netherlands.
The biofuels producer has endured a collapse in biofuels sales due to higher taxes on the green fuel in Germany and weak demand in slowing economies.
It agreed a financial restructuring programme earlier in 2009 that allowed it to continue operations, after announcing it could not pay bond coupon interest and was looking at restructuring as an alternative to an insolvency.
The trader has taken a majority stake in Biopetrol Industries, which underwent financial restructuring earlier this year.
‘The changes in market conditions in the biofuels industry have made it necessary to achieve further economies of scale and extend the value chain,’ Biopetrol states.
Biopetrol has production capacity of about 350,000 tonnes of biodiesel at two sites in Germany, and is starting up a 400,000 tonnes biodiesel plant in Rotterdam in the Netherlands.
The biofuels producer has endured a collapse in biofuels sales due to higher taxes on the green fuel in Germany and weak demand in slowing economies.
It agreed a financial restructuring programme earlier in 2009 that allowed it to continue operations, after announcing it could not pay bond coupon interest and was looking at restructuring as an alternative to an insolvency.
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