EOP Biodiesel to sell Latvia operations

16 December 2008 14:24  [Source: ICIS news]

TORONTO (ICIS news)--EOP Biodiesel plans to sell its holding company in Latvia, including a 10,000 tonnes/year oil mill, the Germany-based renewable fuels producer said on Tuesday.

Latvia’s government had withdrawn its previously promised subsidies for the biodiesel production, EOP said.

Also, the oil mill was too small for EOP’s expanding business, it said.

In related news, the company reported a fiscal first quarter net profit of €280,000 ($384,000), compared with a €1.5m loss a year earlier, on a 65% increase in revenues to €41.7m.

($1 = €0.73)

Bookmark Simon Robinson’s Big Biofuels Blog for some independent thinking on biofuels

By: Stefan Baumgarten
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