May 6 (Renewables Now) - US renewable fuels firm Aemetis Inc (NASDAQ:AMTX) informed on Monday that its Hyderabad-based unit Universal Biofuels India had been awarded a biodiesel supply contract with three Indian state-owned oil marketing companies (OMCs) in a public tender process.
Universal Biofuels will deliver biodiesel to several blending locations for an aggregate amount of more than USD 23 million (EUR 20.6m) during 2019. Shipments are ready to begin this May.
According to Aemetis, India’s total diesel market is around 25 billion gallons per year, with imports accounting for 80%. Less than 250 million gallons of biodiesel per year is currently blended.
The country’s national policy on biofuel, approved in 2018, fixed an increase in biodiesel blending to 5% of the diesel market, equivalent to more than 1.2 billion gallons per year.
(USD 1.0 = EUR 0.89)