Biofuel Producer Shelves NZ Investment

Argent Energy's New Zealand subsidiary says proposed legislation in the Biofuels Bill makes the playing field too uneven according to reports on Radio New Zealand.

Radio NZ says managing director Dickon Posnett says ethanol will get a Government subsidy, through relief from excise duty that amounts to 42 cents a litre.

But this he says makes it "utterly uneconomic" to invest in a proposed domestic biodiesel plant.

Argent Energy says Mr Posnett has spent nearly two years in New Zealand working on a feasibility study for the construction and operation of a plant that would use tallow and used cooking oil to produce biodiesel.

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