Thursday, March 06, 2008

Gushan to boost biodiesel production to 81 mln gallons in 2008

Gushan Environmental Energy Ltd, China's largest biodiesel producer, said it aims to expand its total biodiesel production to 81 million gallons in 2008, up from 72 million last year, according to its statement to New York Stock Exchange.

"Demand for diesel oil in China continues to outstrip supply amid the accelerating economic growth, and we will be devoted to raise production capacity to satisfy the surging demand,'' said CEO Yu Jianqiu. The Fuzhou-based giant plans to boost its production capacity to 120 million gallons by the end of this year.

Founded in 2001 and listed on New York Stock Exchange last year, Gushan owns four production plants in Sichuan, Hebei and Fujian provinces as well the capital Beijing. It reported a loss of US$2.72 million in the fourth quarter of 2007, compared with profit of US$6.64 million a year ago, due to higher labor and transportation costs and more investment in research.

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