Aemetis awarded $34M of biodiesel contracts by India oil refiners

Aemetis was selected by the three government-controlled oil marketing companies, OMC’s, to supply approximately 8,500,000 gallons of biodiesel over the next three months. Revenues from the shipments are expected to be approximately $34 million of the $538 million of total tender offers issued by the OMC’s to fulfill biodiesel demand during the second quarter of 2023. Approximately 70% of the 25 billion gallon diesel market in India is supplied by the OMC’s, with the remaining 30% supplied by large non-governmental oil refineries. "We are pleased to see the Indian government’s commitment to the implementation of the 2022 National Biofuels Policy, and the OMC’s purchasing processes are resulting in significantly increased demand for biodiesel in India," stated Sanjeev Gupta, Managing Director of the Universal Biofuels subsidiary of Aemetis. "The required product quality testing for the contracts has been completed and biodiesel deliveries have commenced for the contracted period of April, May and June."