19 July 2011 23:56 [Source: ICIS news]
BUENOS AIRES (ICIS)--Argentina President Cristina Fernandez on Tuesday participated in the laying of the cornerstone to mark the start of construction of a Unitec Bio biodiesel facility in Puerto General San Martin industrial complex.
Fernandez said, “This initiative is bringing added value to our primary production.”
The investment for the project was more than $100m (€71m) and financing was obtained through a government loan programme.
The new plant was scheduled to begin during the second half of 2012.
It would increase Unitec Bio’s total biodiesel production 500,000 tonnes/year. The company has operated another biodiesel plant since 2007, also at Puerto General San Martin, in Santa Fe province.
The first Unitec Bio plant is operating at its full capacity, producing more than 120,000 tonnes/year for the domestic market and an equal amount for exports.
Argentina’s compulsory biodiesel fuel mix is of 7% for 2011.
Unitec Bio’s was assigned a 122,537 tonnes/year quota for 2011, the largest biodiesel quota authorised for a company to sell in Argentina’s domestic market.
The company said that with the new plant, it would be prepared to comply with the 7% mix and also with possible increases.
($1 = €0.71)
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