Czech Rep's Agropol eyes biofuels market entry

12 May 2006 17:09  [Source: ICIS news]

PRAGUE (ICIS news)--The Czech Republic’s second largest agro-foodstuffs company, Agropol, said on Friday it was looking to enter the growing biofuels industry.

The firm said it was in talks with foreign financial groups as it sought to raise at least Koruna1bn ($45.7m/Euro35.4m) for the establishment of a bioethanol plant that would supply biopetrol producers.

Meanwhile, on the biodiesel side, it was examining the upcoming state auction of a long-standing Koruna 4.1bn debt owed by the country’s largest biodiesel component supplier, Setuza.

The auction winner is expected to become Setuza’s new owner through a debt-for-equity swap. Agropol said it might participate in the auction or try to cooperate with the winning bidder. State officials said on Friday the minimum acceptable price for the debt would be Koruna0.65bn.

By: Will Conroy
+44 20 8652 3214

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