Pure Biofuels refinances Peru projects

In Peru, Pure Biofuels announced that it has partnered with Banco Internacional Del Peru to refinance $43 million to restructure its existing debt. $41 million in proceeds, plus $34 million in convertible notes, were issued to Plainfield Peru in satisfaction of the previous debt facility. The notes can be converted into 114.3 million shares of company stock.

Pure Biofuels built the Callao Port biodiesel refinery on approximately 4.7 hectares (almost 12 acres) of land close to the Port of Callao, the largest port on the Pacific Coast of South America. It also acquired the 7.5 MMgy InterPacific refinery in Chorrillos, and subsequently upgraded it to 10 MMgy, with production commencing.

When fully operational, the combined output of Pure Biofuels’ new 52.5 MMgy biodiesel facility in the Port of Callao and the InterPacific Oil biodiesel facility total 62.5 MMgy, which will make Pure Biofuels one of Latin America’s largest producers of biodiesel.

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