Agri Energy shelves projects

Plans for two big biofuels plants in the Wimmera Mallee in Northwestern Victoria, Australia have been halted. Agri Energy Limited had planned two A$100 million (US$90.37 million) ethanol plants at Swan Hill and Murtoa. The company’s Stewart Rendell says its decision to halt the projects was partly because of the current global biofuels market outlook. He also cited government and community support for alternative transport fuels in Australia. “Our knowledge is that mandating will not happen and of course in that case they (the oil companies) do not need us and so there will be a target for biofuels, but targets have been shown in this country not to work,” said Rendell. In November, the company reported having sold the Swan Hill project to a securities company for A$1 million to raise funds for its Beatrice plant in the United States. It has a 12-month buyback option on the project. (October 15/November 23, 2007)