Biox to Build Second Biodiesel Plant at New York Harbor
Biox Corp. (BX), a Canadian biofuels company, plans to build a 100-million liter (26-million gallon) biodiesel plant in Bayonne, New Jersey, at New York Harbor.
The plant’s annual production capacity will be about 50 percent larger than the company’s existing facility in Ontario, according to a statement today.
Demand for biodiesel in North American will grow because U.S. oil companies are mandated to blend 36 billion gallons of biofuels with their fuel products by 2022, Biox said.
“The fundamentals within the North American biodiesel sector have evolved due to the mandated minimum volumes,” Chief Executive Officer Kevin Norton said in the statement.
The facility is expected to be complete by December 2013, according to the statement.
To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
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