Mission NewEnergy Limited (ASX:MBT) Biodiesel Plant
Perth, June 16, 2009 AEST (ABN Newswire) - Mission NewEnergy Limited (ASX:MBT)(PINK:MIBFF) has commenced commissioning of its second biodiesel refinery, which is now mechanically complete.
The commissioning process involves the running of the plant with actual raw materials in order to ensure on-specification production of biodiesel. Axens, the technology provider of Mission's second Biodiesel refinery guarantees the on-specification production of biodiesel.
Under the terms of the EPCC contract with KNM Group Berhad, the plant is required to run continuously for a period of 2 days during which performance of the plant will be tested. In order to supply necessary input materials (e.g. crude palm oil), Mission has successfully negotiated a commissioning assistance contract with the Turn Key Contractor KNM Group Berhad.
Under the terms of the agreement in consideration for supplying raw materials pursuant to commissioning of the plant, which was previously the obligation of Mission, the company has agreed to extent the completion period to 31 July 2009, thus waiving any currently accrued liquidated damages (note LD's will accrue should the commissioning process go beyond 31 July 2009) and Mission will also work with KNM exclusively for O&M and EPCC services in the future on mutually agreeable terms.
About Mission NewEnergy Limited
Mission NewEnergy Ltd (ASX:MBT) (OTCMKTS:MNELF) is an Australian Securities Exchange ("ASX") listed company.
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