China New Energy

Has entered into a memorandum of understanding with Sunbird Bioenergy Africa to develop a flagship biorefinery in Nigeria with the possibility to extend this initial project to include a further nine biorefineries.

The company will commence working on the design of the first project immediately and the first plant is anticipated to be constructed within two years, entering full commercial production in early 2016.

Subject to completing the first project, a further nine biorefineries are expected to be contracted to be built within a 10-year period.

Web Site
http://www.chinanewenergy.co.uk/
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http://www.chinanewenergy.co.uk/uploads/soft/121214/1-121214134P3.pdf

China New Energy (LON:CNEL) shares skyrocketed over 160% after it unveiled it had won two multi-million pound bio-refinery project contracts in Hungary.

The combined value of the contracts with Visontai and Helvéciai to the firm are €72mln (or around £60mln) over four years, the engineering solutions provider revealed.

The first project for Visontai will convert corn feedstock into 150,000 litres per day of ethanol, while the second for Helvéciai will convert corn feedstock into 300,000 litres per day of ethanol.

Mr Yu, chairman of CNE, said: "Our recent project win in Nigeria has helped us demonstrate our global capabilities as a business especially as these new plants will be some of the largest operating plants globally.

"Whilst the market has been very challenging in recent years, we hope that our recent success marks a recovery in the global bioethanol market."

Shares jumped 161.62% to 6.475p.
(proactiveinvestors.co.uk Nov 18th, 2013)

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CNEL having a good day,up over 10%

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