Free Way for Local Biodiesel in Europe: $ 1,000 Million Relief – 01/30/2019

After a meeting of the Committee of the European Union on Wednesday, it was decided to eliminate the obstacles to Argentine biodiesel. It means going back to the export levels that the country historically had and that, measured in foreign currency, they are US $ 1,000 million.

Horacio Reyser, Foreign Economic Relations Secretary of the Ministry of Foreign Affairs, said Clarin that the resolution will be effective at once once it's published in the Official Bulletin of the European Union, this will happen in the next few days.

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Reyser attributed the European decision, which was taken Wednesday in Brussels, to joint work with the Argentine private sector who made a presentation to his European counterparts.

The Argentineans are committed to establishing a biodiesel export price based on the international soybean price. And as for the volumes, they established a autoregulation in a certain way do not exceed historical levels contemplating at these levels annual growth of 2% over a period of 5 years.

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The news was greeted with enthusiasm by Argentine oil producers who pointed out that because of the tariff differential applied by the government they are with factories working at 60% of their capacity. These exports for 1,250,000 tons this year, change the panorama, admitted to this newspaper.

After a favorable decision from the WTO, Argentina had resumed its exports of biodiesel to Europe with a million tons. But he was interrupted in August 2018 proposal from European industrialists accusing the country of subsidizing these shipments.