FRANKFURT - German biofuel firm Petrotec will invest up to 60 million euros ($79 million) in the next two years to set up four new plants in Germany, the UK and the United States, the company said on Monday.
Petrotec, which converts used cooking oil from fast food chains into biodiesel, said access to used cooking oil was especially good in its chosen markets.
It plans to build one plant in Germany, one in the UK and two in the United States using 60 million euros in proceeds from its stock market debut two weeks ago by the end of 2009.
"In the UK as well as in the United States, the quality (of biodiesel) is not as good as the European standards. But a high quality is needed for mixing it with other fuels or for using it pure," Roger Boeing, chief executive of Petrotec, told Reuters.
There are hardly any biodiesel producers operating at an industrial level in the two countries, Boeing added.
Some US states already have quotas for mixing biofuels with fossil fuels, he said, adding he was confident that such quotas would be implemented in the whole of the United States.
Britain has announced that 5 percent of all motor fuels sold by 2010 must come from renewable sources. In an energy review issued in July, the government signalled its intention to raise the target to 10 percent by 2015.
Petrotec was the latest in a series of market listings in the biofuel sector. Since its stock exchange debut at Nov. 6 the share has lost almost 6 percent.
Its shares closed down 0.2 percent at 16.97 euros on Monday.
Tanggal Tayang : 28-11-2006
Sumber :REUTERS NEWS SERVICE
