December 14 (SeeNews) - Hong Kong-based firm Agritrade Resources Ltd (HKG:1131) and Singaporean partner Solfuels Holdings Pte Ltd have acquired a biodiesel plant project in the US state of Arkansas.
The transaction was concluded on December 14 by a 51/49 joint venture (JV) between Agritrade Resources and Solfuels. They paid an unnamed US-based independent third party approximately USD 2.97 million (EUR 2.8m), the Hong Kong-based firm said today.
Once up and running by April 2017, the biodiesel plant will have an annual production capacity of 137,000 tonnes. Relying on Solfuels’ biofuels know-how for the US market, Agritrade Resources plans to retrofit the facility to use various feedstocks, including yellow grease, rendered animal fats, inedible corn oil and refined vegetable oil, in order to reduce production costs.
The deal marks integrated energy and shipping solutions provider Agritrade Resources’ debut in the renewable energy sector.
(USD 1.0 = EUR 0.941)