Gulf Akash JV signs agreement with Targray for biodiesel supply

Biodiesel provider Gulf Hydrocarbon, in collaboration with Akash Energy, is to supply biodiesel at the Buckeye Terminal in Illinois, US after the JV teamed up with Montreal-based trading and distribution company Targray Industries.

Gulf Hydrocarbon offered biodiesel at the terminal between 2010 and 2012 but shut down operations citing 'tough economic conditions in the biodiesel market'. However, the reinstatement of the biodiesel tax credit has created an improved market and the company 'now feels there is a viable opportunity to offer biodiesel for blending', according to president Jess Hewitt.

He adds: 'We offer biodiesel with and without RINs therefore a customer can choose to take their biodiesel with or without the Renewable Fuel Standard credits.'

Targray will be the exclusive supplier of biodiesel to the JV. The company's president Andrew Richardson comments: 'The Gulf Akash JV offers us access to the downstream markets that until now we have not actively participated in.'

The existing biodiesel storage tanks at the site are heated and insulated. The terminal also features automatic loading capabilities, allowing buyers to self-load.