BIOX Finalizes Agreement with International-Matex for Biodiesel Plant Site in Bayonne, New Jersey

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Researched by Industrial Info Resources (Sugar Land, Texas)--BIOX Corporation (TSX:BX) (Oakville, Ontario) has finalized a long-term land-lease deal with International-Matex Tank Terminals (IMTT) (Baton Rouge, Louisiana) to construct a new biodiesel plant within the fence of IMTT's existing petroleum products distribution terminal in Bayonne, New Jersey.

The deal includes the site and related tank storage and fuel distribution infrastructure that will reduce transportation costs for BIOX, MITT and local blenders of biodiesel in the New York harbor area.

BIOX is now proceeding with the detailed planning and permitting phase, with the expectation that construction will start around December 2012 and be completed some 12 months later.

Plans involve constructing a 100 million-liter-per-year biodiesel plant that will produce the fuel from a variety of pure oil and waste oil feedstocks. The high-quality biodiesel is expected to meet North American ASTM D-6751 quality standards and meet demands for renewable fuels in the area.

Construction costs are in the $60 million range, and the terms of the agreement with Matex on leasing the 3.5-acre site were not disclosed.

The Bayonne plant will be the company's second production facility, behind a 67 million-liter-per-year plant in Hamilton, Ontario, and will grow the company's capacity to produce biodiesel by almost 150%.

Industrial Info's databases provide a comprehensive outline of all current development activities in the emerging alternative fuels market. Our North American Biodiesel Database covers 136 operational plants and 90 plants in development. Our North American Ethanol Database covers 214 plants in operation and 138 plants in various development phases. Our North American Wood Fuel Pellet Database includes 63 operational plants producing more than 25,000 tons annually, and 38 projects in progress.

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