W2 Energy buys 51% of Malaysian biodiesel plant for $5.5 million

In Malaysia, Canada’s W2 Energy, Inc. announced it has signed a binding memorandum agreement to purchase 51% of AM Biofuels of Pasir Gudang, Port of Johor for $5.5 million in a share trade deal. The plant can produce 30,000 metric tons of biodiesel annually from palm oil, but currently only plans to produce 20,000 tons in 2013.