Aemetis Receives $150 Million Biodiesel Supply Allocation From India Oil Marketing Companies
CUPERTINO, CA, Oct. 30, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Aemetis, Inc. (NASDAQ: AMTX) announced today that its Universal Biofuels subsidiary in India, owner and operator of a 60 million gallon per year capacity biodiesel plant located near the Port of Kakinada on the East Coast of India, was selected by India’s three government-controlled oil marketing companies (OMCs) to supply an estimated $150 million of biodiesel under cost-plus purchase contracts for approximately 40 million gallons of biodiesel during the one year period starting October 2023.
- Approximately 70% of the 25 billion gallon diesel market in India is supplied by the OMCs, with the remaining 30% supplied by private oil refiners.
- The National Policy prohibits imports of biodiesel into India.
- The Aemetis Universal Biofuels plant delivers high quality biodiesel and has built a reputation as a reliable large-scale renewable fuel producer in India.
- Aemetis is the only producer that has delivered more than 99% of contracted gallons under prior OMC contracts.