Universal Biofuels selected by 3 OMCs to supply 8.5M gallons of biodiesel

In India, Aemetis’ Universal Biofuels subsidiary in India, owner and operator of a biodiesel plant located near the Port of Kakinada on India’s east coast, was selected by the three government-controlled oil marketing companies (OMC’s) to supply approximately 8,500,000 gallons of biodiesel over the next three months. Revenues from the shipments are expected to be approximately $34 million of the $538 million of total tender offers issued by the OMC’s to fulfill biodiesel demand during the second quarter of 2023.

Approximately 70% of the 25 billion gallon diesel market in India is supplied by the OMC’s, with the remaining 30% supplied by large non-governmental oil refineries.