Petrotec release company results for first nine months.

European waste-based biodiesel producer Petrotec has announced its figures for the first nine months of 2012.

Overall revenues by the end of September were recorded at €123.6 million ($157.5 million) slightly down on the €130.3 million. Generated sales in the third quarter were registered at €46.5 million, down from €55.5 million, but a positive cash flow of €4.1 million was up when compared to €2.9 million last year.

Petrotec produced more than 98,000 tonnes of biodiesel compared to just under 97,000 the year before, with its facilities working at 78.5% capacity during the third quarter.

In a statement Petrotec explained some of the reasons for its figures:

‘In the third quarter the European used cooking oil methyl ester market was characterised by an increasing demand. Summer specifications allowed full blending of the double counting product (UCOME). The German market developed and compensated for lower sales in the UK caused by the change in regulation. Also, demand from Italy for double counting biodiesel started to kick in with first volumes shipped to customers.

‘On the other hand, despite pressure from heavily subsidised imports from Argentina and Indonesia - as experienced during the first six months - has somewhat eased, it still threatens the European biodiesel industry and puts pressure on the Fame 0 margins and UCOME prices. The EU authorities, in turn, took some anti-dumping proceeds and launched an anti-dumping investigation. As a first reaction Argentina started to raise its export tax on biodiesel. Still, these abusive practices are threatening the European biodiesel industry.’