12 July 2006 17:21 [Source: ICIS news]
MADRID (ICIS news)--Spanish bioenergy and chemicals group Sniace expects its fast-growing biofuels division to account for 50% of group revenues, up from 8%, in the medium term, a company spokeswoman told ICIS news on Wednesday.
She added that Sniace has set up Green Source as a corporate unit to carry out its bioenergy expansion, which includes building two factories in ?xml:namespace>
“These projects are obviously going to increase our revenues a lot,” the spokeswoman said, adding that Green Source’s 200,000 tonnes/year 70:30 joint project with local partner East Bridge in
She would not comment on reports that it would be built near
The spokeswoman said start-up for Green Source’s 120,000 tonnes/year Zamora bioethanol plant project in Spain had been postponed to mid or late 2009 from autumn 2007 because of delays in setting up building consortium Ecobarcial, which is majority owned by Green Source and local power utility Iberdrola.
Green Source’s 100,000 tonnes/year Torrelavega, Spain plant was on track to come onstream in the first quarter of 2007, the spokeswoman added.
To finance its biofuels expansion, Sniace planned to raise €50m ($64m) in a convertible bond offer before the end of the year when market conditions allow it. It hoped to finance the remaining €240m expansion cost with its own cash.
“We might study a share offer but that’s only if the convertible bond sale does not succeed,” the spokeswoman said.
This year, Sniace expects net attributable profits to exceed the €1.9m booked in 2005, helped by rising prices for chemical products cellulose and viscose fibre, of which it exports 95%, she added. Sniace is also working to expand its business in
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections