BioFuel Energy announced that it will stop construction on a third new ethanol facility, owing to low ethanol prices. The company initiated a $7.5 million buyback of its stock in response to a 35 percent fall in its share price in the past 30 days.
The halt comes as three Australian plants were halted and four in the US in the past two weeks.
In Minnesota, Agassiz Energy announced a suspension of its $115 million ethanol plant near Erskine owing to financing difficulties associated with high corn costs and reduced ethanol prices. Last week, three firms suspended construction or halted production at ethanol plants in the Midwest. Glacial Lakes Energy’s plant in Meckling, SD, Chippewa Valley’s 40 Mgy plant in Benson, MN and the Alchem ethanol plant in Grafton, ND received the axe. All companies said that the fall in ethanol prices were the cause of the decision.
In Oklahoma, Oklahoma Sustainable Energy and Chaparral Energy have canceled plans for a $100 million corn ethanol project proposed for Blackwell. The companies cites financing conditions, while obse...
In Minnesota, Greenbelt Resources announced a 7 million share buyback, following up from its annoucnement that it would acquire 20 percent of Renewed World Energies, an algae oil company that owns a p...
In England, Ineos announced that it has postponed plans to develop a $100 million biodiesel project in Grangemouth, Scotland. The company attributed the move to the "unprecedented volatility and uncer...
In New York, Green Energy Resources ordered a share buyback after share prices have tumbled by more than half in 2008 despite four years of consecutive profits, issue of dividends in the last two year...
In New Zealand, Argent Energy has cancelled plans for a $73 million investment in tallow biodiesel production, saying that government biofuel policies are favoring ethanol imports over domestic biodie...
In Sweden, OKQ8 cancelled plans to sell Neste Oil biodiesel from Finland, bowing to pressure from Greenpeace over destruction of Malaysian rainforest to create the palm oil which is Neste's primary fe...
