Global News Summary
GLOBAL High vegetable oil prices have reduced global demand by 27% to four mi...
GLOBAL Corn and soybeans rallied Wednesday as a drop in the dollar boosted th...
GLOBAL Oil extended its decline on Monday at just above $114 a barrel, on dim...
NORTH AMERICA Renewable Energy Products has started up the largest biodiese...
GLOBAL The sharp drop in commodity prices is raising hopes that inflation is ...
GLOBAL Buyers from China and India have cancelled or renegotiated around near...
GLOBAL A United Nations press release reports that a UN backed group of inter...
GLOBAL More palm oil is likely to be used for biofuel production in the near ...
GLOBAL Crude oil prices have risen from the lowest in more than three month...
NORTH AMERICA US amusement parks are increasingly using renewable energy. He...
OPEC on Friday cut its forecast for global oil demand growth in 2008 for the third time this year, showing that record-high oil prices are slowing consumption. World oil demand will rise by 1.10 million barrels per day (bpd) this year, 60,000 bpd less than the previous forecast, OPEC said in its Monthly Oil Market Report for June.
Today, the European Commission formally accepted the European Biodiesel Boardís anti-subsidy and anti-dumping complaints against the US biodiesel industry and launched an investigation into imports of biodiesel to Europe from the US. The complaint aims to impose countervailing duties and anti-dumping duties on US B99 imports.
The biofuels market in North America will generate revenues of $19 billion by 2012, nearly double the $10 billion earnings for 2007, according to business and consulting firm Frost & Sullivanís latest report, North American Biofuels Market: Investment Analysis.
In California, Pacific Gas and Electric has contracted to buy power from a proposed plant that would combine solar thermal and biofuel energy. San Joaquin Solar plans to build the power plant, which will deliver 700 gigawatt-hours annually to PG&E. The company says it plans to use 250,000 tons of biofuel annually produced from agricultural waste, green waste, and livestock manure and expects to start production in 2011.
The US Environmental Protection Agency has awarded Mississippi State University a $200,000 grant for research to transform waste water treatment plant sludge into biodiesel.
Illinois-based Aventine Renewable Energy has raised $97 million from the sale of auction rate securities (ARS) to help fund construction at two of its planned ethanol plants. The company plans to have its two 113 million gallon per year ethanol plants online during the first quarter of 2009.
In Ontario, Canada Suncor plans to double ethanol production at its Sarnia-area facility with a $120 million expansion. The plant is expected to produce 105 million gallons per year.
Infinite Holdings Group has reached a preliminary agreement with Pioneer Petroleum to distribute biofuels throughout the Caribbean, subject to due diligence by both parties, a definitive agreement and board approval.
AE Biofuels announced it has signed a joint development agreement with DS Development to build a 75 million gallon per year biodiesel plant near Rosario, Argentina, using soy oil as the primary feedstock. Construction is subject to obtaining necessary project financing.
Brazil's state-run oil company Petrobras said it will complete the first of two ethanol pipelines and it first ethanol plant in 2009. Petrobras said it signed its first contract in May with a local ethanol company to build a plant that will come on line next year to produce ethanol for export. Separate companies will be created to operate each of the two pipelines.
In Argentina, farmers have said they will halt the trade of grain until the export tax is reduced. With roadblocks reported in the hundreds, food and fuel shortages have been seen in several cities. The government has stated that discussions about export taxes have ended.
In Sweden, Sveaskog and Preem Petroleum have bought 60% of SunPine through a private placement which will enable it to start production of biofuel using pine oil. The investment, estimated at $41 million, will enable the 35,000 mt per year biodiesel plant to be operational in the fourth quarter of 2009.
Finnish oil company Neste Oil has unveiled plans to build a new renewable diesel plant in Rotterdam. Construction of the $1 billion dollar plant will begin immediately, with the company planning for completion in 2011.
ASIA / PACIFIC
In Malaysia, PMB Technology plans to invest $16 million to set up a storage tank facility in the Palm Oil Industrial Cluster project in Lahad Datu. The tanks will store 400,000 mt of biodiesel and will be used by two biodiesel plants in Lahad Datu.
In the Philippines, oil firm Flying V says it is researching the production of biodiesel from coconut. The company expects to release the results of the preliminary study by August and apply the technology commercially within the next two years.
Sasol, South Africa's largest fuel producer, is reconsidering plans to build a 100,000 mt per year soy biodiesel plant due to disagreement with the government. Sasol said a government proposal to increase biodiesel producer exemptions on payments to a national fuel levy from 40% to 50% isn't enough to make the project viable.
Ethanol Africa, which planned to build eight biofuels plants, has stopped construction of South Africa's first corn-to-ethanol plant near Bothaville, south of Johannesburg. The company said it is assessing funding options and government support.
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