A Spanish Company to Build 70 Mln Euro Oil and Biodiesel Plants Near Pleven

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The Spanish company Green Fuel has decided to invest 70 mln euro in oil and biodiesel plants, Pleven region’s Governor Tzvetko Tzvetkov told BTA today.

The exact location of the plants will be determined in the middle of May, when experts from the investor are expected to arrive in Bulgaria. They will meet local farmers, who will supply raw materials for the future production.

Investors initially plan to build an enterprise with an annual production capacity of 45 mln t biodiesel and 60 mln l ethanol meeting EU quality standards. Val Cobbs says his company was established in 2003 and has seven branches in Spain.

Investment is expected to top 350 mln by 2008. 39% of it will go to Spain, 36% - to Latin America, and 25% - to Eastern Europe.

The corporation’s biodiesel production is expected to pass 1,000,000 t in 2009.

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