Global News Summary
GLOBAL A report last week showed US crude inventories falling by 200,000 barr...
GLOBAL Oil futures jumped 14% Thursday to end near $40 a barrel, marking the ...
GLOBAL Crude oil traded near $35 a barrel, Wednesday, on speculation that US ...
GLOBAL World oil demand will contract more sharply than expected this year du...
GLOBAL Crude oil rose in New York Wednesday, partly retracing Tuesday’s 5.1% ...
GLOBAL Soybeans rose to a two-week high before a US government report that ma...
NORTH AMERICA Crude oil rose in New York, Friday, after a government report s...
GLOBAL Soybeans and corn slipped for a second day, Wednesday, on speculation ...
GLOBAL Crude oil fell from a two-week high in New York, Monday, on speculatio...
GLOBAL Crude oil fell Friday after a US government report showed a bigger-tha...
Renewable Energy Group (REG) of Ames, Iowa is halting construction on a $92 million, 60 million gallon per year biodiesel plant in Saint Rose, LA citing problems in the national bond market and delays in federal Gulf Opportunity Zone financing.
Bunge North America says it will sell its newly completed $30 million, 45 million gallon per year biodiesel plant in Danville, IL to Blackhawk Biofuels of Freeport, IL. Fifth Third Bank and Renewable Energy Group of Ames, IO will be lenders in the deal. REG will manage the facility.
California-based Kreido Biofuels has again delayed construction of its 50 million gallon per year biodiesel plant in Wilmington, NC, saying it now expects to be operational by the end of 2008. “Due to delays in funding, obtaining final governmental approvals and in light of current adverse biodiesel market conditions, we have pushed back our target commercial production date to the fourth quarter," said Kreido CEO Ben Binninger. The company says it needs to raise $25 million in working capital to complete its plant.
Record high crude costs and weather-related demand have taken heating fuel prices to new highs. The Energy Information Administration said residential home heating oil averaged $3.85 per gallon by mid-March, well above the $3.28 per gallon average from the beginning of winter to now.
Mason City, IO ethanol company Golden Grain Energy is working on a partnership with BEST BioDiesel Inc. of Madison, WI to use BEST’s technology to process Golden Grain’s corn oil into biodiesel. Tony Janowiec, vice president of BEST BioDiesel, said, “Our vision is to integrate technologies within existing ethanol plants to create a real competitive advantage for our ethanol partners.” The biodiesel plant will be sited on the current Golden Grain property to share storage, utilities, logistics and staffing.
In Raleigh, NC, a new fleet of Capital Area Transit buses is operating on B20 biodiesel. The $5.5 million fleet upgrade was funded by the Federal Transit Administration (80%), the city and the state.
Fillmore Fuels has launched what it says is the first online auction for biodiesel and related products—feedstock, catalysts and processors—in the hope of creating an eBay type site for the renewable fuels market. “It provides a means for local farmers, restaurants and producers to sell their virgin vegetable oils or waste vegetable oils to the highest bidder, increasing their profit margins and limiting the middleman cost," said Wesley Fillmore, president of the new venture. Sellers can post descriptions of their products and buyers have a set number of days to bid. Similar to eBay and other online auctions, buyers can rate and review sellers and their products. The company is based in Largo, FL.
EcoMotors of Detroit, MI says it has developed a two-cylinder diesel engine that is lighter, more powerful and easier to scale up than current engines. According to the company, the two-cylinder units can be clicked together like Legos, allowing designers to build larger engines with four, six, or eight cylinders typically used in cars and trucks. Details on the patented design have not been released.
Ethanol producer POET is preparing to open its 23rd facility next month in Alexandria, IN. The plant will have an annual capacity of 65 million gallons. It will be the second ethanol plant opened by POET in Indiana, with another under construction near North Manchester, IN. The Alexandria facility will bring POET’s annual ethanol production capacity to 1.3 billion gallons.
The Campaign against Climate Change and Biofuelwatch are organizing a protest against the UK Renewable Transport Fuel Obligation on the day the mandate is scheduled to come into force. Protesters say they will gather on April 15th at 6:00 pm outside the Prime Minister’s house at 10 Downing Street in London. Organizers say the increased demand for biofuels by the RTFO will increase pressure on land in Brazil and Indonesia, as well as rainforests and other biodiverse ecosystems.
Belgium-based energy company Thenergo is developing a $16.5 million jatropha biodiesel plant in Merksplas, Belgium to generate 6 MW of thermal energy for two industrial partners and 9 MW of electricity for general sale. The plant, expected to be operational by February 2009, is a joint venture between Thenergo and the Quirynen and Dielis companies.
ASIA / PACIFIC
India, which imports more than 70% of its oil and gas, is trying to launch one of the world’s largest jatropha biofuel projects, according to the Ministry of Rural Development. The five-year, $375 million program seeks to plant 1.2 million acres of jatropha across India and research the crop’s viability as a biofuel.
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