Standard Bank invests in biodiesel

South Africa-based Standard Bank has entered the biodiesel sector with an $8 million equity investment in Biodiesel Energy Trading (BET).

BET is a recently-established UK company which is undertaking a project to construct a biodiesel plant in Portugal. The plant’s output will be sold into the EU market, supplied mainly by vegetable oil producers in countries such as Brazil. The plant is expected to start production in 2007.

To meet EU targets, 5.75% of all European transportation fuel must be biofuel by 2010. As around half of all European cars and trucks are diesel-fuelled, demand for biodiesel is likely to grow rapidly

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