TexCom completes Biodiesel International acquisition; will move forward on biodiesel project in Paraguay

In Texas, TexCom (TEXC.PK) announced the completed acquisition of Biodiesel International Corporation (BIC), and will move forward on the development of BIC’s proposed biodiesel plant in Paraguay.  The proposed plant will take advantage of the 6 million ton annual Paraguayan soybean harvest, and increased planting of sunflower and rapeseed in the country. The plant is proposed for a site on the Paraná River.

Paraguay has a 3% biodiesel mandate in place for 2008, increasing to 5% in 2009.

Neighboring Argentina is a fast-growing biodiesel production district, which will export more than 1.5 million metric tons of biodiesel next year at facilities built by Unitec Bio, Molinos Rio de la Plata, Louis Dreyfus, Patagonia Bioenergia, Explora and GEA Biodiesel among others.

TexComn, a Biofuels Digest Indexâ„¢ stock, has lost more than half of its value since last August amidst a general investor flight from small-cap biofuels stocks. The stock closed yesterday at $0.10, down 1 percent in Thursday’s trading.

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