The contract term will commence when the UK facility reaches the minimum production amounts to fulfill the contract delivery requirements.

Four Rivers’ strategy is to ramp up the UK facility to meet the delivery requirements and to expand overall production capacity of Biodiesel Product from the current 77,000 Metric Tonnes per annum to 100,000 Metric Tonnes per annum over the next seven months and then to 200,000 Metric Tonnes per annum within the next 36 months. This strategy includes development of the company’s own port and storage facilities at the nearby deep sea water port in Blyth, the company said.

The company is seeking finance for the working capital required to expand the UK facility and is negotiating with supply sources of the feedstock from which the Biodiesel Product will be manufactured. Both the financing and the feedstock procurement are pre-requisites for being able to deliver under the contract.

Stephen Padgett, CEO of Four Rivers, said: “We are delighted to execute such a major contract with BP, which represents a significant milestone in the strategic development of the Four Rivers group’s activities.

“The BP contract is an endorsement of our strategic approach to realizing the potential of biofuel and renewable energy by acquiring distressed assets and turning them around operationally, financially and commercially through the application of our expertise and technology, and partnering with world class energy companies.”