Shell to boost biofuel production with latest acquisition
Shell Eastern Petroleum has announced that is has purchased the Asia-based waste oil recycling firm EcoOils.
The oil and gas major said this acquisition will help it to expand its biofuels production.
The company, as reported by Reuters, will completely take over EcoOils' subsidiaries in Malaysia and a 90% stake in its Indonesian subsidiaries through the deal, Shell Eastern said in a statement.
However, the company did not disclose the value of the investment.
"This acquisition provides secure access to a recognised, advanced feedstock, which can be used at Shell's biofuels facilities to meet that aim," said Sinead Lynch, senior vice-president for low carbon fuels at Shell.
EcoOils has a production capacity of 65,000 tonnes per year of spent bleaching earth oil, a type of recycled oil that can be used as feedstock for biofuel production.
Bleaching earth is a clay material used to absorb impurities during the palm oil refining process.
The oil and gas major said this acquisition will help it to expand its biofuels production.
The company, as reported by Reuters, will completely take over EcoOils' subsidiaries in Malaysia and a 90% stake in its Indonesian subsidiaries through the deal, Shell Eastern said in a statement.
However, the company did not disclose the value of the investment.
"This acquisition provides secure access to a recognised, advanced feedstock, which can be used at Shell's biofuels facilities to meet that aim," said Sinead Lynch, senior vice-president for low carbon fuels at Shell.
EcoOils has a production capacity of 65,000 tonnes per year of spent bleaching earth oil, a type of recycled oil that can be used as feedstock for biofuel production.
Bleaching earth is a clay material used to absorb impurities during the palm oil refining process.
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