[ACCESSWIRE]
CUPERTINO, CA / ACCESSWIRE / September 9, 2015 / Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and biochemicals company, today announced that biodiesel produced by its Aemetis subsidiary in India has begun to be sold at retail outlets owned by one of the three major India Government oil marketing companies (OMC's). The India government OMC's supply more than 95% of the gasoline, diesel and jet fuel in India.
Beginning in August 2015, Government of India controlled OMCs have issued tenders to purchase up to 225 million gallons per year of biodiesel as an important step toward implementing a 5% biodiesel blend policy. The total available biodiesel market in India from a 5% biodiesel blend is 1.25 billion gallons. The current biodiesel production capacity in India is approximately 250 million gallons.
Aemetis has expanded its sales activity in India since the Government of India recently allowed biodiesel manufacturers to sell to bulk customers directly, without distributing through the government-owned OMC's. The India diesel market is currently estimated at 25 billion gallons per year.
"We are very pleased that the Government of India's largest OMC's are now distributing biodiesel through retail outlets to improve the country's air quality and to reduce oil import expenditures," said Eric McAfee, Chairman and Chief Executive Officer of Aemetis. "Our distilled biodiesel is comprised of 99.8% pure biofuel, with extremely low sulphur content and about 80% decreased particulate emissions compared to the diesel typically used in India."
"With the Government of India's official notification in place for direct sales to bulk buyers in the truck, bus, taxi and stationary generator sectors, the expansion into retail sales has further expanded the biodiesel market in India," said Sanjeev Gupta, Managing Director of Aemetis' India biofuels subsidiary, Universal Biofuels, based in Hyderabad.
Aemetis owns and operates a biodiesel production facility with a capacity of approximately 50 million gallons per year (190 million liters) near Kakinada, located on the East Coast of India. After the recent deregulation of diesel prices and approval for direct market access, Aemetis' Universal Biofuels subsidiary expanded its sales team and increased production.
About Aemetis
Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and renewable chemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of first-generation ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallon per year ethanol production facility in the California Central Valley. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India, producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. Aemetis operates a research and development laboratory at the Maryland Biotech Center, and holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements regarding our growth opportunities, our ability to grow and expand our business in India, the impact of increasing our sales efforts in India, the impact of sales at retail outlets owned by one of three major OMCs and the size of the market for biodiesel in India. Words or phrases such as "anticipates," "may," "will," "should," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "targets," "will likely result," "will continue" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, counter-party risks, risks associated with changes to government policy or regulation, and other risks detailed in our reports filed or to be filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2014 and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
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SOURCE: Aemetis, Inc.
