AR Fuels back to exporting biodiesel

June 21, 2013 11:32 AM

Finance News Network

Australian Renewable Fuels Limited (ASX:ARW) is back to exporting biodiesel, after the recent drop in the value of the Australian dollar.

The first shipment of 5.7 million litres of biodiesel is now on its way to the US and will be followed by another shipment of 5 million litres in August.

Customers for the order are Valero Energy Corporation and Gavilon Inc.

The resumption of biodiesel exports also marks the return of the company’s Largs Bay and Picton plants in South Australia and Western Australia to meaningful production levels, or about 45 per cent capacity.

Separately, AR Fuels has executed a new $6 million working capital facility with a new banking partner.

This is expected to fund the sales growth and development of its biodiesel business both in Australia and in export markets.