Sterling Biofuels raises funds for M’sia project

12 September 2006 05:35  [Source: ICIS news]

SINGAPORE (ICIS news)--Sterling Biofuels, an Australian palm oil producer, is to raise AUD$35m ($26.3m/Euro20.7m) from its initial public offering to build its first biodiesel unit in Malaysia, the company said on Tuesday.

The company is offering 35m shares at AUD$1 each on the Australian Stock Exchange and the offer was expected to close on Monday, it added in a statement on its Web site.

Construction on the 100,000 tonnes/year biodiesel project at Lahad Datu Palm Oil Industrial Cluster on the east coast of Sabah is under way, the company said.

Desmet Ballestra Group has been awarded a contract to construct and provide the technology for the unit which is due to start production in July 2007.

The plant will use refined, bleached and deodorised (RBD) palm olein as feedstock and the company has signed a three-year contract for feedstock supply, it said.

Biodiesel output will head to Europe, its main export market, it added.

SPC Biodiesel, a wholly-owned subsidiary, will operate the project.

By: Gina Myung
+65 6780 4359

< previous article(VIDEO - ICIS news Asia Lunchtime Bulletin 29 October 2009)

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.

Printer Friendly