Mumbai, 17 July (Commoditiescontrol) Argentina’s newly-approved biofuels bill has made the provision that the biodiesel mix into diesel fuel will be reduced to 5 percent, said a report.
As per the report, Argentina’s Senate on Friday approved the biofuels bill that cuts the use of biodiesel in Argentina's finished diesel mix by five percentage points to 5 percent while maintaining the ethanol blend ratio at 12 percent.
The new law provides the Energy Secretariat the flexibility to increase the blending mandate or reduce it to as low as 3 percent, depending on market conditions.
The bioethanol mandate will remain at 12 percent, with a division of 6 percent for sugarcane-based ethanol and 6 percent from corn-based ethanol.
The Energy Secretariat is also able to increase or reduce that level depending on market conditions, said the reports describing the provisions of the law coming into effect.
The new law has been met by heavy criticism from soyoil-based biodiesel (SME) producers, as the previous legal framework, which was signed into law in 2006, was aimed at promoting investment at SME plants and the development of regional economies, said the reports.
In fact, the sector increased capacity on the back of government support and that move helped Argentina emerge as one of the main crush powerhouses globally.
The bill stipulates that the new biodiesel regulation will be valid until the end of 2030, with the measures being implemented as the country battles domestic inflation and the sliding value of the peso against other international currencies, said the report quoting the provisions mentioned in the bill.
(By Commoditiescontrol Bureau: +91-22-40015505)
0 Comments 
Post Comment 
