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Petrotec halts production

By Anna Austin | January 15, 2009
Web exclusive posted Jan. 22, 2009, at 2:07 p.m. CST

German biodiesel producer Petrotec AG has temporarily stopped production, attributing its decision to unfavorable market conditions which prevent the company from covering production costs.

"Due to the dramatic decrease in the crude oil price, biodiesel prices also dropped significantly," the company stated in a news release.

Prior to the announcement, Petrotec announced work-hour reductions for its employees at its Emden, Germany, plant from Dec. 20 through Feb. 28, and at its Oeding, Germany, facility beginning Jan. 30 until March. The company said the time periods may be extended.

Petrotec utilizes cooking oil collected from more than 12,000 restaurants at its two production facilities which have a combined capacity of more than 50 MMgy.

In November 2008, the company posted net sales of 65.7 million (approximately $82 million) for the first three quarters of 2008, up 37 percent from 2007. (Read "Petrotec increases net sales.")
 

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