August 13, 2012, LAS VEGAS, NEVADA – Renewable Fuel Corp, Inc (RFC) a leading producer and supplier of biodiesel and biodiesel blended fuels in North America and in key International markets is pleased to announce today that Plant Offshore Group Limited (POGL) a leader around the world in Engineering, Procurement and Construction Management (‘EPCM’) services, engineering design software and rubber seismic isolation technology have concluded an investment transaction.
The investment in RFC will give POGL a critical opportunity to leverage its expertise in the area of green fuel technology. The RFC biodiesel product uses only renewable and sustainable feedstocks and is produced in one of the world’s newest and most technically advanced facilities in Kuantan, Malaysia. The value of the POGL transaction is approximately $9,171,000 USD and supports the restructuring efforts of one of RFC’s recent acquisitions Century Corp Sdn Bhd (Century) through RFC’s wholly owned subsidiary Bio Refining Industries, Inc (BRII).
[blockquote source=”- Hang Chin Juan, Chief Executive Officer of POGL”]
“We are proud to have an ongoing working relationship with RFC, the perceived market leader in the US biodiesel industry and will be one of the largest producers in the world within the next few years. We believe our interest in RFC will enable POGL to participate in the booming biodiesel and blended fuel industry in the US and key international markets. We share the same vision as RFC, that the worldwide biodiesel market represents excellent opportunity. We intend to play a role in supporting RFC’s strategy to build diverse, worldwide green fuel facilities using our EPCM expertise.”
[blockquote source=”- William Van Vliet, Chairman of RFC”]
“We are building a company that can truly leverage the worldwide biodiesel opportunity. The transaction with POGL is an important affirmation of our strategy to build a diverse worldwide green fuel company. As savvy business people we search for opportunity, as our recent turnaround efforts with BRII shows. We know how to acquire strategic assets and improve them for our use. POGL is a solid partner in our efforts to fulfill RFC’s future technological requirements.”