The company intends to see production more than triple to 100,000 barrels per month, once the expansion of the facility is complete, expected in the fourth quarter of fiscal 2008.
Amiworld will then be able to produce and meet the demand for diesel at its B5 Unit, where biodiesel and diesel are blended into a 95%-5% mixture.
The company’s biofuels division is also projecting significant production growth from 36,000 tons per year to 108,000 tons per year by fiscal 2009. The expansion contract, worth approximately $8.6 million, was signed by Amiworld’s subsidiary Odin Petroil and FISS Project Development Petroleum.
According to the company, the terms of the contract include a combination of stock valued at approximately $4 million and cash installments totaling approximately $4.6 million to be distributed at certain points of completion.
