13 May 2010 22:56 [Source: ICIS news]
BUENOS AIRES (ICIS news)--Biofuel sales in Argentina reached 115,000 cubic metres (cbm) in the first four months of the year following the adoption of new blending mandates, the president of a trade group said on Thursday.
Argentina was expected to increase its biodiesel blending mandate from the current 5% to 7% in 2011, the group said. A 10% blending mandate adopted in 2012 would further increase the size of the market.
“If the biodiesel cut is expanded, the local biodiesel business could rise from $770m [€531m] a year to over a billion dollars a year in 2011 and to $1.5bn in 2012,” he said.
The size of the Argentine biodiesel market reached 977,000 cbm/year in 2010 and was divided among 19 local producers that were already supplying the quotas that the government set in February.
For ethanol, the 5% blending mandate created a 282,000 cbm/year market, CADER said. However, the nation's nine ethanol producers lacked the capacity to meet the mandate.
($1 = €0.79)
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