Australian Renewable Fuels (ASX:ARW) has formed a venture with Bioworks Australia Pty Limited to generate growth potential by developing mutual supply lines and consolidating resources.
Bioworks is an independent renewables company in the Perth area that has been producing and selling biodiesel for over eight years in the Western Australian market.
Under the venture the parties have also agreed to merge their fuel distribution in Western Australia.
This could result in the restart of ARW’s Picton plant, which was suspended from operating in November 2013.
The company recorded a profit of $467,203 for the year ended 30th June 2015.
It had $1.7 million in cash as at 30th June 2015.
News: Australian Renewable Fuels forms venture with Bioworks Australia
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