In India, Aemetis, Inc. announced that its Universal Biofuels India subsidiary ramped revenues to more than a $50 million per year run rate after biodiesel shipments commenced in May pursuant to the previously announced $23 million biodiesel supply contract to the three India government-owned Oil Marketing Companies (OMC’s).
The 2018 India National Biofuels Policy stated a 5% biodiesel blending goal for transport vehicles, equal to about 1.1 billion gallons per year of biodiesel production. In late 2018, the three India OMC’s that supply about 70% of India domestic diesel issued purchase requests for about 260 million gallons of biodiesel for year 2019 – equal to the entire biodiesel production capacity in India.
A high import tariff blocks the importation of biodiesel into India. Since the India government ended biodiesel subsidies in late 2014, the recent 15%+ increase in WTI and Brent crude oil prices has resulted in increased diesel (and biodiesel) prices in India.
The Aemetis biodiesel plant in India recently completed the installation and commissioning of a pretreatment plant and related utilities upgrades to convert lower cost, waste feedstocks into high quality distilled biodiesel to supply the approximately 25 billion gallon diesel market in India.
Category: Producer News