W2 Energy to acquire 51% stake in AM Biofuels

Canadian renewable energy technologies developer W2 Energy has signed an agreement to acquire a 51% stake in AM Biofuels, the Malaysian manufacturer of palm-based biodiesel and biofuels.
The acquisition expands W2 Energy’s Southeast Asian fuel business, in line with its strategy to produce, blend and distribute bio- and synthetic fuels.
Located in the Pasir Gudang port of Johor, Malaysia, AM Biofuels’ plant has a biodiesel production capacity of 30,000 tons a year.
W2 Energy CEO Michael McLaren stated that with the acquisition, the company is poised to enter the clean fuel market of Asia.
“Malaysia consumes about 50,000 barrels of fuel oils per day while Indonesia consumes about 200,000 barrels per day of fuel oils. The Southeast Asian region in total consumes about 500,000 barrels per day of fuel oil.”
“W2 Energy will install and commission a #6 fuel oil replacement plant on the site and distribute the product through Ecobound Fuel Production Systems production license,” McLaren said.