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World Biofuels
Symposium
November 13-15, 2005
Beijing, China
2nd Annual Canadian Renewable Fuels Summit
December 13-15, 2005
Toronto, Ontario, Canada
Hosted by:
Candadian Renewable Fuels
Association
National Biodiesel
Conference & Expo 2006
February 5-8, 2006
San Diego, California
Organizer:
National Biodiesel Board
11th Annual
National Ethanol Conference: "Policy & Marketing"
February 20-22, 2006
Las Vegas, Nevada, USA
Sponsored by:
Renewable Fuels Association
22nd
Annual International Fuel Ethanol Workshop & Expo
June 20-23, 2006
Milwaukee, Wisconsin, USA
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Posted on
December 24, 2002Farmers hope biodiesel fuel boosts soybean prices Associated Press
GREENVILLE, N.C. - A foundation that promotes economic development using money from the national tobacco settlement has set its sights on a different crop - soybeans.
Farmers are being courted by the Golden LEAF Foundation to invest in a production facility that turns soybeans into a diesel fuel alternative.
"This country can't continue depending on foreign oil and this is an opportunity to use something that we grow here," said Lawrence Davenport, a Pitt County farmer and chairman of the Golden LEAF board.
The foundation teamed up with the Grain Growers Cooperative in sponsoring a conference Tuesday on soy biodiesel. Both groups want to build a biodiesel production facility in eastern North Carolina.
Soybean diesel burns cleaner than petroleum diesel, reducing emissions of hydrocarbons and particulates. It can be used in existing diesel engines without modifications, and its smell is often compared to french fries or popcorn.
The biodiesel is a value-added product, meaning farmers make more money because they are selling a refined or manufactured product, said Gary Haer, vice president of the National Biodiesel Board and member of West Central Soy, an Iowa cooperative that makes biodiesel.
A U.S. Department of Agriculture study suggests soybean prices could rise 17 cents annually during a 10-year period with biodiesel use, according to the N.C. Soybean Producers' Association.
Thirty-seven states currently have legislation requiring alternative fuel usage in diesel vehicles. Major cities like Philadelphia and St. Louis use the fuel in their public transportation vehicles. The U.S. Forestry and Postal services, several military branches, including the U.S. Marines at Camp LeJeune, use biodiesel.
The Grain Growers Cooperative proposes spending between $40 million and $45 million to build the facility. Golden LEAF has committed $10 million for the project.
Farmers will be asked to raise between 25 and 30 percent of the startup money, said Sam Lee, the cooperative's chief executive officer. The remaining capital will be raised through financing.
The group is looking for about 35 acres in eastern North Carolina near highway and rail transport. Six counties, including Johnston, Nash, Edgecombe, Robeson, Wilson and Harnett, have applied to have the plant built in their communities.
Farmers are excited about the potential for such a plant.
"Farmers are tired of being dependent on foreign oil," Beaufort County farmer Floyd Peed, a member of the N.C. Soybean Producers Association.
Peed's fuel supplier, Potter Oil Co. in Aurora, will start selling biodiesel fuel by year's end. Peed will be among the first customers.
"Biodiesel is going to be here and if you get your name out here first, hopefully you capture a big part of the market," said company vice president Brian Potter. "Also, it is reasonably priced for certain applications, especially as a (industrial) solvent."
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