LONDON (Alliance News) – Graphene NanoChem PLC Monday said its Platinum NanoChem Sdn Bhd subsidiary has been awarded a contract renewal by Shell Malaysia for the supply of PlatAmber, the group’s biofuel product derived from palm waste.
The extension is for a further year starting November 1, and increases the maximum monthly delivery of PlatAmber from 3 million litres to 5 million litres.
PlatAmber is used as an additive into road-grade diesel, meaning the diesel meets Malaysian rules stipulating that diesel is mixed with 5% biofuel. Graphene NanoChem is expecting the market to double in 2016 when new rules come into effect requiring a 10% biofuel-diesel mix.
“We are pleased to announce the renewal of this contract with Shell Malaysia, which is in addition to a number of contracts we have announced recently with other key players in the biofuels market in Malaysia,” Chief Executive Jespal Deol said in a statement.
“We are expecting to see significant growth in the biofuels market in Malaysia in the near future, driven by the government mandates,” he said.
Graphene NanoChem shares were down 0.3% at 60.7 pence Monday morning.
By Steve McGrath; email@example.com; @SteveMcGrath1
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