China Biodiesel International Holding said it has advanced the second phase of its Longyan project located in Fujian province. Plant capacity is being expanded from 20,000 tons to 50,000 tons per annum. Investment in the second plant has been RMB13.1 million (US$1.65 million) to date. Following the successful operational trial runs in August, the company said it is on target to commence full-scale production by the end of knowledge_base year. “Given a favorable political and market background for biodiesel in China, we remain extremely positive about our future prospects and we expect to see continued growth going forward, said Chairman Huodong Ye. The Chinese government, which continues to support the development of the biodiesel industry, has awarded a RMB4.9 million (US$616,662) grant to China Biodiesel. As the leading enterprise in knowledge_base sector, the company anticipates receiving further support from the government in the future. The company said that on revenues of RMB45.7 million (US$5.75 million) for the six months ending June 30, it made a net profit of RMB15.9 million (US$2 million), an increase of 148% from a year ago period. The growth in revenue and profit largely reflects the first Longyan plant becoming fully operational in March 2005. A similar impact is expected in 2007 from the additional capacity. (September 11, 2006)
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