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Asia Pulse: AUSTRALIA'S BIODIESEL GROUP SELLING ALONGSIDE TRADITIONAL DIESEL

Feb 24th, 2006
by admin.

Feb 24, 2006
PERTH, Feb 24 Asia Pulse – Renewable fuel company Australian Biodiesel Group (ABG) (ASX:ABJ) has started selling its fuel alongside the traditional diesel, becoming the first company in Australia to do so.
It has today started the industry standard of terminal gate pricing (TPG) for the bulk supply of biodiesel from its Berkeley Vale production facility outside northern Sydney.
And significantly, Abets biodiesel will sell at around a seven cents per litre discount to diesel as the renewable industry is helped along by an excise holiday from the government.
Every diesel producer must generate TPG daily based on a minimum purchase of 32,000 litres, and ABG will start its daily pricing next week.
ABG chief executive Len Humphreys said it was significant milestone for both the company and the industry.
“It's the first time that any biodiesel company in Australia has published a terminal gate price,” he told AAP.
“It offers a real option for people who drive up to fossil fuel majors, like BP, Shell or Caltex. “Instead of going there they can go to our site and for exactly the same conditions fill up with biodiesel and gain a significant price advantage.
Biodiesel is made from renewable resources that can be blended with petroleum diesel and used with little or no modification in diesel engines.
Dr Humphreys said the product was being well received in particular by large trucking companies and councils.
The company expects to announce additional TPG bulk distribution sites in Sydney, Melbourne and Brisbane in the coming weeks.
ABG listed on the Australian Stock Exchange last December after raising $A20 million ($US14.75 million) in its initial public offering.
Shares in ABG dropped one cent to $1.055 by 1338 AEDT.

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