North American Company to Expand Biofuel Business in South East Asia
February 13, 2013News article: http://www.biofuels-news.com/industry_news.php?item_id=5903
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W2 Energy, Inc., a Canada-based green tech company, has signed a memorandum of agreement to buy 51 percent of AM Biofuels of Malaysia in its intention to execute its business plan of production, blending and distribution of biofuels and synthetic fuels in South East Asia.
The Malaysian AM Biodiesel plant produces 30,000 metric tons of biodiesel per year using a multi-feedstock technology and plans to produce 20,000 metric tons of palm biodiesel in 2013. With this strategic acquisition totalled at $5.5 million, the North American company is "now poised to enter the clean market of Asia", according to W2 CEO Michael McLaren. The South East Asian region consumes about 500,000 barrels per day of fuel oil.
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