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Biodiesel producer and marketer Renewable Energy Group®, Inc. (NASDAQ: REGI), announced Thursday it will offer biodiesel at the International-Matex Tank Terminals (IMTT) in Bayonne, N.J. in New York Harbor, one of the world’s largest petroleum trading hubs. This new location allows REG® to sell large volumes of biodiesel via barge or truck.
“The Northeast has an active biodiesel market and this terminal position allows us to provide more high quality REG-9000® biodiesel to better serve this growing market,” said Gary Haer, REG Vice President, Sales and Marketing. “In conjunction with our five other terminal locations in New York and New Jersey, we will be able to provide a reliable and consistent supply of biodiesel to serve existing transportation fuel applications and barge business as well as the growing Bioheat® (heating oil blended with biodiesel) market in and around New York Harbor.”
The New York State Legislature recently passed a B2 biodiesel requirement in home heating oil. Once signed into law by the Governor, it will require all heating oil for use in any building within Nassau, Rockland, Suffolk and Westchester counties to contain at least two percent biodiesel, effective October 1, 2014. On July 1, 2015, all heating oil sold for use in any building statewide will meet this standard. New York City already has a B2 biodiesel requirement for home heating oil in place.
IMTT is a full service complex located at the junction of Kill van Kull River and Upper New York Harbor, just 10 miles south of Manhattan.
“REG will grow our current biodiesel marketing capabilities by utilizing IMTT’s terminal with deep water access to multiple barge and ship berths,” said Dave Elsenbast, REG Vice President, Supply Chain Management. “This is a major step in our strategy to grow volume in this region of the country.”
Renewable Energy Group® is a leading North American biodiesel producer with a nationwide distribution and logistics system. Utilizing an integrated value chain model, Renewable Energy Group is focused on converting natural fats, oils and greases into advanced biofuels. With more than 225 million gallons of owned/operated annual production capacity at biorefineries across the country, REG® is a proven biodiesel partner in the distillate marketplace.