- Petrobras taking forward view on ethanol feedstocks
- US BioEnergy to pay $133M for Millennium
- Ethanol prices fall for sixth straight week
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- Also This Week
- Swedish chemical company to look into new paper-fed fuel
- Kroger deal expands VeraSun presence in Cincinnati market
- ADM shake-up unifies marketing groups into new division
- Trucker mapping software now lists biodiesel fill-up stations
- Cargill exec adovocates U.S. biofuel escape clause
- Infinity Bio Energy Virginia’s proposed $400M plant rejected by city council
- BP claims new ethanol supply agreement will make it the largest Australian biofuels marketer
- Abengoa Bioenergy announces hybrid conventional-cellulosic ethanol plant
Also This Week
The Escanaba, Mich. plant would use Chemrec's black liquor gasification technology, which converts waste from the paper pulping process into synthetic gas.
Cincinnati-based Kroger, which sells VeraSun's branded fuel at 20 gas stations in Ohio and Kentucky, is selling more E-85 in response to growing customer demand.
Among the more significant changes is a new commercial and production division that includes ADM's oilseeds, cocoa, transportation, grain and ethanol businesses.
The first set of locations is now incorporated into the software, and updates will be made continuously for an accurate list of truck-accessible biodiesel locations, ProMiles says.
Cargill also said last week that its fourth-quarter earnings rose sharply on strong results in its financial and ingredient business, with help from a lower tax bill.
Efforts by Infinity Bio Energy Virginia to build a $400 million ethanol facility in Chesapeake, Va., saw another setback last week, as the Portsmouth City Council voted unanimously on a non-binding resolution against the proposed 216 million gallon-a-year facility.
BP Australia will soon become the largest marketer of biofuels in Australia, as a result of an agreement with Manildra Energy Australia to receive 40 million liters of ethanol during the course of the year, BP Australia said last week.
BP already currently uses 15 million liters of ethanol under a supply agreement with Australian sugar and ethanol producer CSR.
Javier Salgado, CEO of the company, said that the new facility will help establish the company's position in biofuels technology and production capacity.
Petroleo Brasileiro SA has a grand ethanol plan that – for the time being – eschews actually producing it. Instead, Brazil's biggest company is hitching its ethanol strategy to logistics and distribution, according to its chief executive José Sérgio Gabrielli de Azevedo.While Petrobras is investing in production through minority stakes in up to 40 ethanol plant projects with Japan's Mitsui & Co., but the Brazilian state-owned company does not intend to meaningfully compete with private-sector players in ethanol production, according to Gabrielli.Petrobras is intending to get a bigger piece of the ethanol pie using its infratructure and logistics expertise. Speaking at a presentation at the Brazilian Agribusiness Association conference in Rio de Janeiro on Tuesday, Gabrielli said that the company is wrapping up its feasibility study for an ethanol pipeline project from Goias to Sao Paulo and is feeling out possible partners.
US BioEnergy Corp. announced late Monday that it had arrived at a purchase price of $133.3 million to acquire Millennium Ethanol.St. Paul-based US BioEnergy said the deal for the Marion, S.D.-based ethanol producer, announced in May, would include about $11.8 million in cash and 11.5 million shares of common stock valued at $10.57 per share.The deal is expected to close in the third quarter, subject to regulations, but the acquisition has already been approved by both companies' boards.Millennium unitholders would receive 18 cents and 0.17 shares of US BioEnergy stock for each class A unit held, and 59 cents and 0.57 shares of US BioEnergy stock for each class B unit. Unitholders of class C shares will receive 19 cents and 0.18 shares of US BioEnergy stock.
Oil and gasoline prices spiked briefly last week on the back of a natural-gas rally that developed on news that an Atlantic tropical weather disturbance could develop into a hurricane and disrupt natural gas production along the U.S. Gulf of Mexico. But prices quickly came back down, pulled by declining U.S. stocks which extended losses after weak economic data.Wholesale ethanol fell 3 to 5 cents a gallon in several markets, with the degree of decline geographically mixed. Atlantic and Gulf prices dipped about a nickel to $1.90-1.93 a gallon, but were firmer than along the West Coast, where cargoes were being offered at around $1.82-1.84.The aggregated Ethanol & Biodiesel News' national average fell 4 cents from the previous week to $1.88 per gallon.