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Initial $20 Million of Third Quarter Cost-Plus Contracts Awarded by Government Oil Companies; India Oil Company Senior Executives Tour Aemetis India Biodiesel Plant
Aemetis Universal Biofuels subsidiary completes 100% of Second Quarter Shipments to the Government-owned Oil Companies; Aemetis Already Awarded 18,000
About this update from Aemetis, Inc
[{"type":"text","content":" Aemetis Universal Biofuels subsidiary completes 100% of Second Quarter Shipments to the Government-owned Oil Companies; Aemetis Already Awarded 18,000 kiloliters of Biodiesel for Q3 Delivery; Additional Q3 Contracts in Process CUPERTINO, CA, July 12, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on negative carbon intensity products, announced today that its Universal Biofuels subsidiary in India has been awarded an initial $20 million of cost-plus contracts for delivery to government-owned oil companies during the third quarter. Additional cost-plus contracts with OMCs are in process for delivery during the third quarter. An initial 18,000 kiloliters of biodiesel of cost-plus biodiesel contracts for delivery during Q3 2023 have been awarded to Aemetis. Universal Biofuels completed approximately $34 million of second quarter shipments that were sold under cost-plus contracts with government-owned oil companies, though Q2 quarterly revenues will not reflect about $1.8 million of shipments in transit at the end of the quarter. Universal Biofuels recently hosted several India Oil Company senior executives for detailed tours of the Aemetis India biodiesel plant. The India Oil Company executives that toured the 50-million-gallon capacity Kakinada plant included the Executive Director and the Chief Operating Manager who oversee biodiesel procurement. “The Universal Biofuels biodiesel plant has an exceptional record of timely delivery and very high quality,” stated Sanjeev Gupta, President of Aemetis International. “Approximately 50,000 kiloliters of biodiesel have been delivered to the three Government-owned Oil Companies in the last two contract periods, with only 10 kiloliters that did not pass the first acceptance test despite deliveries that often require many days of truck travel and unloading delays.” “India Oil Company is a leader in the expansion of biodiesel and other renewable fuels in India,” stated Eric McAfee, Chairman and CEO of Aemetis, Inc. “The timely delivery of the Q3 biodiesel tender by the three Oil Marketing Companies and the timely award of initial volumes for Q3 delivery enables Universal Biofuels to maximize production volumes to meet India government biofuels blending goals.” Built by Aemetis near the India port of Kakina...