Galp to invest 225 mln eur to produce 500,000 tonnes/yr of biodiesel UPDATE |
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Wed, 14 Mar 2007 14:53
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(Updates to specify fuel, give govt policy on biofuel)LISBON (AFX) - Galp Energia SGPS said it plans to invest 225 mln eur in adapting its refineries to produce nearly 500,000 tonnes per year of second generation biodiesel in 2010.In a statement, Galp said that it will invest 50 mln eur in its refinery in Porto, Northern Portugal, expecting the installations to produce 100,000 tonnes of biodiesel in 2008, increasing capacity to 200,000 tonnes in 2009.The company said that when its refinery planned for Sines, Southern Portugal, is completed in 2010, it expects to put nearly 500,000 tonnes of biofuel on the market per year.Galp noted that the second generation biodiesel it plans to produce can come from any source of vegetable oil, adding that its investment plan tracks the government's project to increase biofuel use by 2010 to 10 pct of consumption from 5.75 pct currently.The government is also reported to have approved tax exemption for five biofuel producers for the first 175,000 tonnes of biodiesel they produce every year.jonathan.gleave@thomson.comjg/an/jg/an/jg/anCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Galp to invest 225 mln eur to raise biofuel output to 500,000 tonnes/yr in 2010 