Australian Renewable Fuels restarts biodiesel exports to US
June 21, 2013
BY Ron Kotrba
Australian Renewable Fuels Ltd. announced June 21 that it has recommenced exports of biodiesel. The first shipment of 5.7 million liters (approximately 1.5 million gallons) of biodiesel is now en route to the U.S., to be followed by another shipment of 5 million liters (1.32 million gallons) in August.
Customers for the order are Valero Energy Corp. and Gavilon Inc., two of the world’s leading energy companies. Gavilon is a Nebraska-based international grains, food and fuel storage and distribution company whose energy division stores and transports a range of fuels including crude oil and refined products, gas and renewable fuels.
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Australian Renewable Fuels CEO Andrew White notes the drop in value of the Australian dollar, adding that additional export opportunities are being explored.
Relaunching its biodiesel exports means elevated production at the company’s Largs Bay, South Australia, and Picton, Western Australia, plants, and complements its existing long-term supply contract with Shell Australia.
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Australian Renewable Fuels also announced execution of terms with a new banking partner. The terms provide for a $6 million working capital facility to fund the sales growth and development of the business both in Australia and on export markets.
The company said the unnamed partner is one of the world’s foremost top tier banks, which will provide unique resources and transactional support as Australian Renewable Fuels grows its business in the world commodity markets and in the Asia-Pacific region.
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