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Ambrian Capital buys Masefield Bio-Fuels, injects US$5 mln of new capital

Ambrian Capital PLC (LON:AMBR) said it has acquired the physical bio-fuels business of the Masefield Group, strengthening its physical commodities trading

Masefield Bio-Fuels was established in 2006 and will now trade as Ambrian Energy GmbH.  Ambrian Capital intends to inject US$5 million of new capital into Ambrian Energy for working capital purposes.

The business supplies a European client base with bio-diesel and other renewable fuels. It will be headed by Bernd Sturmheit who has over 25 years' experience in the European energy market.  Prior to joining Masefield in 2005, Sturmheit worked with Vattenfall and E.ON. He will lead team of 6 traders and logistics managers based in Hamburg and a representative office in Singapore

The major focus of the business is on Palm Methyl Ester, which is produced from palm oil, and it also trades Rapeseed Methyl Ester, Soybean Methyl Ester and blends thereof.  The business will lease 12,200 cubic metres of bio-diesel storage tank capacity in Ghent, Belgium which enable it to supply bio-diesel to meet customer specifications. In 2009, Masefield Bio-Fuels supplied over 100,000 metric tonnes of bio-diesel to European customers with a total value of approximately US$100 million.
The business is a member of the Roundtable on Sustainable Palm Oil (RSPO), an organisation that promotes the growth and use of sustainable palm oil through credible global standards and engagement of stakeholders.

"The acquisition of Masefield's bio-fuels business is an important step in Ambrian's strategy to become a leading global supplier of physical commodities, strengthening both our established commodities trading business and our natural resources franchise.  Bio-fuels are a particularly attractive product area given their growth potential as an alternative to fossil fuel," said Tom Gaffney, chief executive of Ambrian Capital.