Global News Summary
GLOBAL Crude oil rose Wednesday as the US dollar retreated from its highest i...
GLOBAL Goldman Sachs Group Inc. expects a “swift and violent rebound” in ener...
GLOBAL Crude oil fell for a sixth day Tuesday, extending Monday’s 7.9% slump ...
GLOBAL Oil fell below $39 a barrel on Monday due to growing evidence that rec...
GLOBAL The World Bank has launched its first “green bonds” to raise additiona...
GLOBAL Oil prices dipped near $48 a barrel Wednesday as investors weighed ten...
GLOBAL Crude oil rose for a third day, Monday, after Israeli troops entered t...
GLOBAL OPEC has agreed to cut oil output by 4.2 million barrels a day from Se...
GLOBAL After agreeing to lower output in September and October, OPEC members ...
GLOBAL Crude oil fell below $45 a barrel Friday after the US Senate rejected ...
July 21, 2010
Volume 6 Issue 75
GOLDMAN SACHS FORECASTS CPO TO GAIN 15-20% IN 2010
Goldman Sachs forecasts crude palm oil to gain 15-20% this year as a dry weather impacts Malaysian production. A 35% decline in palm oil inventory in Malaysia from its peak in Dec. is “positive” for prices, stated the report. Goldman also expects US biodiesel demand to pick up in the second half of the year, offsetting the bearish bias from a record soybean harvest. Read more
EPA RELEASES DATA ON CANOLA BIODIESEL
US EPA has released a Notice of Data Availability for its recent modeling of the canola oil biodiesel pathway, stating that the oil seed creates a 50% reduction in GHGs. As of March 26, when the EPA officially announced the final rule for RFS2, the canola pathway had not been analyzed as a biofuel feedstock capable of meeting the required standards. Read more
NEW BIODIESEL PLANT IN SOUTH CAROLINA TO GO ONLINE
Exousia Advanced Materials has announced that its 36 mln gal/year biodiesel plant in South Carolina is completing maintenance and will begin fulfilling biodiesel orders in August. The plant was expected to open earlier in the year, but had been delayed due to the biodiesel tax credit expiration, Reuters reports.
NEW GENERATION FILES FOR BIOFUELS PATENT
New Generation Biofuels has filed for a patent for their pyrolysis oil based biofuels. “Through our R&D efforts we have been able to take a challenging raw material and enhance its natural properties with our technology. Customers will be able to use our pyrolysis oil based products in a multitude of applications,” the company stated. Read more
REG ANNOUNCES PURCHASE OF TWO BIODIESEL COMPANIES
Renewable Energy Group said Tuesday it is purchasing Tellurian Biodiesel and American BDF, which specialize in disposal of used cooking oils. Read more
EU COMPANIES PUSH FOR 30% GHG REDUCTION TARGET
Leading EU companies have called on the EU to increase its GHG reduction goal to 30% by 2020 in a letter sent to major European newspapers. The letter places the companies in direct conflict with other elements of the European business community, who have come out strongly against any unilateral lifting, Argus reports.
BRITISH AIRWAYS AND SOLENA TO BUILD BIODIESEL PLANT IN LONDON
British Airways and Solena Group plan to build a waste-to-biofuels plant in east London, sending less trash tolandfills and reducing jet emissions. Solena will spend as much as $300 mln on the site, in which British Airways will buy the plant’s 16 mln gal annually for up to 10 years. Read more
LATVIA'S LARGEST BIODIESEL PRODUCER DECLARES BANKRUPTCY
Latvia's largest biodiesel producer Biodiesel Paldiski has declared bankruptcy. The plant started operating in 2007 and has a production capacity of 100k mt/yr of biodiesel and 10k mt of glycerin. Read more
Asia / Pacific
PALM OIL ADVANCES WEDNESDAY
Palm oil futures advanced, tracking gains in soybeans and crude oil, which boosted the appeal of the tropical oil for biodiesel. Oct.-delivery futures jumped as much as 1.3% to $764/mt Wednesday. Read more
CAMBODIA ETHANOL PRODUCER TO RESTART PLANT
Cambodia's sole ethanol producer MH Bio-Energy will restart its 120k t/yr plant in Oct., following a six-month shutdown because of high feedstock costs. The plant's restart will also coincide with the annual cassava harvest season, Argus reports.
UN AGENCY SETS CONTINGENCY OPTIONS FOR CLIMATE AGREEMENT
The U.N.'s climate agency has for the first time detailed contingency options if the world cannot agree a successor to the Kyoto Protocol, whose present round expires in 2012.
The document reflects the stuttering pace of U.N. talks to extend or replace the Kyoto pact and disappointment at the outcome of a summit in Copenhagen last Dec.
A new deal appears months or years off, and even after an agreement, its implementation would require ratification by the national parliaments of more than 100 countries. The process of national ratification of the original Protocol took eight years. Read more
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