CUPERTINO, CA – (NewMediaWire) – July 12, 2023 – Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on negative carbon intensity products, announced today that its Universal Biofuels subsidiary in India has been awarded an initial $20 million of cost-plus contracts for delivery to government-owned oil companies during the third quarter. Additional cost-plus contracts with OMCs are in process for delivery during the third quarter.
“India Oil Company is a leader in the expansion of biodiesel and other renewable fuels in India,” stated Eric McAfee, Chairman and CEO of Aemetis, Inc. “The timely delivery of the Q3 biodiesel tender by the three Oil Marketing Companies and the timely award of initial volumes for Q3 delivery enables Universal Biofuels to maximize production volumes to meet India government biofuels blending goals.”
Built by Aemetis near the India port of Kakinada in Andhra Pradesh, the Universal Biofuels plant is the largest biodiesel production facility in India. Expanded biodiesel production supports the Indian government’s initial goal of a 1% biodiesel blend in the amount of about 250 million gallons per year, on the way to fulfilling the 5% blend (1.25 billion gallons per year) set forth in the 2022 National Biofuels Policy.