Thursday, July 29, 2010

BVI company invests US$10mln in US biofuels technology corporation

According to the announcement of the Oklahoma-based biofuels technology company Syntroleum Corp., a British Virgin Islands corporation Energy Opportunity Ltd. will acquire Syntroleum's common stock up to US$10 million worth, within a 24-month period.

By terms of the agreement, the BVI company will be limited to 4.9 percent of all shares of Syntroleum common stock. No single required purchase will exceed 2.5 percent of Syntroleum's market capitalization.

Market capitalization of the US company is currently estimated at about US$142 million. With its partner Tyson Foods Inc., the company plans to start operations on the Dynamic Fuels biodiesel plant in Geismar, La.