Portugal govt approves tax break for Mota JV, 4 other biofuel makers - report |
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Published
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Thu, 25 Jan 2007 11:19
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LISBON (AFX) - The government has approved tax exemptions for five biofuel producers, Diario de Noticias reported citing a source close to the process.Among the biofuel makers included is Biomart, which belongs to Martifer 50 pct owned by infrastructure group Mota Engil SGPS. The other four are Torrejana, Tagol, Biovegetal and Iberol.The five producers will be exempted from tax on the first 175,000 tonnes of biodiesel they produce every year. This represents 3.5 pct of the diesel oil consumed in Portugal every year.Prime Minister Jose Socrates yesterday increased the government's target for biofuel use by 2010 to 10 pct of consumption from 5.75 pct. According to the prime minister, the measure will allow to reduce carbon emissions by 1 mln tonnes a year.luis.morais@thomson.comlm/jmsCOPYRIGHTCopyright AFX News Limited 2006. 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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