The government commitment was issued through a tender offer in March 2009 by the Agriculture Department of Northern Cyprus. Solverdi’s contract calls for a guaranteed government minimum of 15,000 metric tons per year, and will increase to 20,000 metric tons in January 2010. The contract is based on a blended rate of 5.75% of all diesel fuel consumed or sold in Northern Cyprus.
Dennis Danzik, CEO of Solverdi, said: “The contract in Cyprus offered up the opportunity to ship and convert our former Narangba facility, which was located outside Brisbane Australia, to Cyprus.
“Solverdi technology is currently being incorporated into the reactor portions of our former Narangba refinery in Los Angeles, before shipment to our new plant site at Famagusta, in the Turkish Republic of Northern Cyprus.”
