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New Zealand’s Solid Energy finds biodiesel plant buyer

4 Oct 2012, 1.14 am GMT

Sydney, 4 October (Argus) — New Zealand state-controlled Solid Energy said today it plans to sell its biodiesel operations to a consortium headed by farming group Southern Packers for an undisclosed sum.

The biodiesel business is being sold because it detracts from its main businesses of coal production, Solid said in August. The biodiesel operations consist of manufacturing and marketing biofuel and an agribusiness division that contracts farmers to grow oilseed rape. This is processed at an oilseed extraction plant with the oil sold to the food industry and the meal as animal feed.

The company, which is earmarked for partial privatisation, reported a total asset write-down of NZ$108.8mn ($89.31mn), of which about NZ$30mn is related to the company's wood pellet and biodiesel assets.

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