Oilcorp to acquire Renewable Fuel Corp for $22m

9 June 2009

Global international corporation Oilcorp Berhad, through its wholly owned subsidiary Oilcorp International, has agreed to acquire Renewable Fuel Corp, an emerging producer and distributor of biodiesel, worth $22m.

RFC is an emerging provider of biodiesel and green fuel solutions worldwide. The company operates a biodiesel facility in Kuantan, Malaysia to produce biodiesel for sale in the US and globally. RFC produces all of its biodiesel to ASTM and EN diesel standards.

This consent represents a major solution to the progress of RFC and cements the opportunity with Oilcorp to jointly proceed with biodiesel initiatives, the company said.

‘The ownership in RFC enables Oilcorp to have an important stake in the booming biodiesel industry in the US and key global markets,’ said Sunny Ng Huat Tian, group managing director of Oilcorp Berhad. ‘RFC is an emerging leader in the rapidly growing green energy industry; with its vertical upstream and downstream approach to biodiesel, they are better able to profitably leverage the market and take advantage of the worldwide requirement for green fuels, and this will enable Oilcorp to profit along with RFC.’

‘Oilcorp shares my vision for supplying the world with clean fuels and improving the environment,’ said William Van Vliet, chairman of Renewable Fuel Corp. ‘We anticipate the Oilcorp shareholders will support this effort at the EGM which serves to advance RFC’s global presence. My goal is to be the leader in supplying the world with green and sustainable biodiesel. With Oilcorp shareholders’ support they are helping put us a step closer to fulfilling this strategy.’

Oilcorp is a diversified international corporation and is active in oil and gas, special projects, hotel, resort operation, property investment, and deep-sea fishing.

Copyright © 2009 NewNet

Tags: biofuel

This story was published on Tuesday, June 9th, 2009 at 4:48 pm and is filed under North America, biomass/biofuel, deals. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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