October 10 (Renewables Now) - The Brazilian Agency of Petroleum, Natural Gas and Biofuels (ANP) announced on Monday that 760 million litres (200.7m gallons) have been contracted in the 57th biodiesel auction.
Around BRL 1.77 billion (USD 559m/EUR 474m) were traded at the tender with an average price of BRL 2.334 per litre. Of all the 35 producers that offered more than 862.7 million litres of biodiesel, a total of 99.7% of the contracted biodiesel volume had the Social Fuel Seal, which gives producers incentives to source raw materials from small farms, ANP said.
During the first day of the competition, around 687.8 million litres were sold, or 79.7% of the total offering. A further 71.7 million litres were sold in the second day, the agency noted.
Brazil's biodiesel auctions are designed to meet the legal requirement for the 8% minimum blend of biodiesel in diesel sold at the pump. The 57th auction will ensure the biofuel supply in the domestic market from November 1 to December 31, 2017.
(BRL 1 = USD 0.316/EUR 0.268)