Wed, Sep 23, 2009
Companies See Demand Of 280(M) Barrels Annually
BioJet Corporation (formerly
JatrophaBioJet)and E85 LLC jointly announced Monday that they have
executed a Bio-SPK forward contract for the sale by BioJet and the
purchase by E85 of 4 million barrels of aviation bio jet fuel.
"Bio-SPK" is now the proper aviation industry term for bio jet fuel
and the fuel delivered under this contract will meet ASTM
International specifications. Other than quantity, the terms of the
contract were undisclosed.
BioJet CEO Mitch Hawkins said, "This contract is a milestone in
the developing international process of providing bio jet fuel to
the commercial aviation industry. To our knowledge, it is by far
the largest sale of bio jet fuel to date and demonstrates the
commercial viability of our value-chain integration model. It also
represents a major step for our company in achieving our goal of
providing 30 million barrels of bio jet fuel annually."
Hugh Canady, Chairman of E85 stated, "E85 is very pleased to
participate as an early adopter and first-mover in the enablement
of the worldwide aviation bio jet commodity chain. We especially
appreciate the innovative price indexing which BioJet has worked
out. It falls in line with our philosophy of transparency in
pricing of all our oil transactions. Along with BioJet, we believe
in the Principles of Sustainability and hope to become a
significant player in world aviation's bio jet business." He went
on to say that European Union mandates to reduce climate change
have been announced which are now slated to affect approximately
4,000 aviation operators and provide bans at EU member airports for
aviation operators, including the military, which do not
comply.
Both companies expect demand for aviation biofuels to exceed 280
million barrels annually. BioJet Corporation's objective is to be
an international leader as supply chain integrator in bio jet fuel
for aviation. This fuel is now properly referred to as Synthetic
Paraffinic Kerosene (Bio-SPK). Bio-SPK is being certified for
commercial use by the American Society for Testing and Materials
International (ASTMI) who estimates that certification will be
complete by the end of 2010.
Hawkins also commented, "The primary issue in any biofuel is the
feedstock. BioJet is fundamentally agnostic with regard to
feedstocks and is committed to utilizing any and all sustainable
and economically viable feedstock in the fulfillment of its
mission. These include jatropha, camelina, algae, and designer
sources. That said, we believe that today and for the next several
years, Jatropha will be the credible, prime feedstock. Hence, we
already control millions of barrels of jatropha feedstock."
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