10 June 2013 16:41 [Source: ICIS news]
The average price was Brazilian real R1.938/litre ($3.41/gal, €0.68/litre) and the total value traded reached the level of $1.025bn, according to ANP’s statement.
The total sales during the auction allows for about 10.3bn litres of B5 diesel during the fourth quarter this year, according to ANP.
B5 is the local nomenclature for diesel fuel blended at 5% with biodiesel.
Forty-two producers participated in the auction, the agency said.
All biodiesel produced in Brazil is consumed domestically, according to ANP.
Soybean oil makes up about 85% of the feedstock for biodiesel production in Brazil.
Brazil is the world's second largest soybean producer behind the US.
ANP reports that as of May 2012, Brazil had 64 plants authorised to produce biodiesel, 10 projects with authorisation to build plants and six new projects in the process of receiving authorisation from the national agency.
Biodiesel is an alternative fuel, produced from renewable resources. The most commonly used feedstocks are rapeseed, soy and palm oil.
($1 = €0.76)
($1 = R2.15)
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