By Aemetis Inc. | October 30, 2023
Aemetis Inc. introduced in the present day that its Common Biofuels subsidiary in India, proprietor and operator of a 60 million gallon per 12 months capability biodiesel plant positioned close to the Port of Kakinada on the East Coast of India, was chosen by India’s three government-controlled oil advertising and marketing corporations (OMCs) to provide an estimated $150 million of biodiesel underneath cost-plus buy contracts for roughly 40 million gallons of biodiesel through the one 12 months interval beginning October 2023.
Roughly 70 p.c of the 25 billion gallon diesel market in India is equipped by the OMCs, with the remaining 30 p.c equipped by personal oil refiners. The 2022 Modification to India’s Nationwide Coverage on Biofuels targets a 5 p.c minimal mix on direct sale of biodiesel by 2030 to increase the home manufacturing and consumption of biodiesel above the present 1 p.c mix. The Nationwide Coverage prohibits imports of biodiesel into India.
“Through the current G20 assembly, Prime Minister Modi of India launched the International Biofuel Alliance and demonstrated management in encouraging renewable fuels pledges by the worldwide neighborhood,” acknowledged Eric McAfee, Chairman and CEO of Aemetis. “Since final 12 months, the brand new insurance policies have elevated the demand for biodiesel in India, and multiple billion gallons per 12 months of latest manufacturing are wanted to satisfy the 5 p.c aim. Aemetis plans to proceed to increase capability to satisfy rising demand underneath the OMC cost-plus contract construction.”
Aemetis constructed the 60 million gallon per 12 months capability biodiesel plant on the East Coast of India to transform agricultural merchandise and byproducts into top quality biodiesel that may cut back air air pollution whereas creating new agricultural and manufacturing jobs in India. The Aemetis Common Biofuels plant delivers top quality biodiesel and has constructed a status as a dependable large-scale renewable gas producer in India. Aemetis is the one producer that has delivered greater than 99 p.c of contracted gallons underneath prior OMC contracts.
As considered one of India’s largest home biodiesel producers, Aemetis Common Biofuels is effectively positioned to increase manufacturing to satisfy the big home demand being created by the OMC tender gives. India’s biofuels coverage seeks to enhance the atmosphere by decrease air air pollution from diesel automobiles and increase financial development by growing the home manufacturing of biodiesel and feedstocks. Biodiesel feedstocks embrace renewable oils which might be byproducts from meals manufacturing, which may decrease the general value of meals and enhance the atmosphere by creating new markets for these byproducts.
