Mar 30 2010
Four Rivers BioFuels Limited, the UK subsidiary of Four Rivers BioEnergy Inc., has signed an agreement with BP’s wholly owned subsidiary, BP Oil International Limited for the sale of EN 14214 specification biodiesel from its facility in UK. As per the agreement, the company will be selling a minimum quantity of 60,000 metric tonnes of this blended diesel for an initial term of five years.
As soon as the minimum production amount is reached by the UK facility, the contract term will begin to meet the contract delivery requirements. The strategy of Four Rivers is to strengthen the UK facility to fulfill the delivery requirements and to increase the annual biodiesel production capacity from 77,000 metric tonnes to 100,000 metric tonnes during the next seven months. By the next 36 months, the company is planning to ramp up the production capacity to 200,000 metric tonnes per year. Development of its own port and storage facilities at the deep seat water port in Blyth is part of the company’s strategy.
Four Rivers is in negotiations with suppliers of feedstock for the production of biodiesel and is also trying to get financing for the working capital requirements for the UK facility, both of which are pre-requisites to help the company to fulfill the contract.
Chief Executive Officer of Four Rivers, Stephen Padgett, expressed delight to carry out a major contract with BP, which also represents an important milestone in the company’s development strategy.
Source: http://4rivers.eu/index.php