Shell and Argent Energy sign letter of intent

Shell New Zealand has signed a letter of intent with Argent Energy New Zealand Ltd. in preparation for meeting the new biofuels sales target announced by the New Zealand Government on February 14. The biofuels sales obligation will see the mandated introduction of biofuels commencing in 2008. “As the world’s largest distributor of biofuels, Shell can see real benefit for future energy supply and carbon mitigation by increasing the use of quality biofuels in the New Zealand market,” said Jim Collings, general manager, Shell New Zealand. Dickon Posnett, Argent Energy New Zealand’s managing director, says New Zealand’s oil industry recognizes that high quality biodiesel will be vital. He says its work with Shell to supply biodiesel to New Zealand consumers will add to its other work in international markets. The company is currently looking for a site to build a 75,000-ton biodiesel refinery for Shell. (February 14, 2007)