22.07.2024 16:07:25
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EQS-News: Verbio welcomes the preliminary results of anti-dumping proceedings
EQS-News: Verbio SE
/ Key word(s): Miscellaneous
Verbio welcomes the preliminary results of anti-dumping proceedings Leipzig, July 22, 2024 – Verbio welcomes the decision of the European Commission to apply preliminary tariffs of between 12.8 percent and 36.4 percent on all Chinese biodiesel and HVO exports from mid-August. The measures demonstrate the political determination to combat unfair trade practices in the biofuels industry, and represent an important step in the right direction. European market participants expect that this measure will significantly restrict the imports of biodiesel and HVO into the EU at low prices. The EU Commission initiated anti-dumping proceedings against biodiesel and HVO from China in December 2023 following a complaint by the European Biodiesel Board (EBB). The background to this is the significant increase in imports of these products1 at extremely low prices. Due to the resulting market distortions, some European producers had to shut down their plants and new biofuel projects in Europe were stopped. Despite these significant market disruptions Verbio’s plants have been, and are, operating at full capacity utilisation, as the production of biodiesel based on rapeseed oil is less affected by the market distortions than the production of biodiesel from waste products. In addition, using the same rapeseed oil-based process, Verbio manufactures high-value products that have attractive sales markets. One example of this is glycerine, which is used, for example, in toothpaste and which needs to meet strict quality standards. However, the large quantities of biodiesel imports from China, which were likely deliberately misdeclared as waste-based, and the associated availability of supposedly cheap CO2 savings also led to a considerable oversupply of GHG quotas on the German market. This was in addition to the proven fraudulent Upstream Emission Reductions (UER) volumes. This enabled the oil companies to build up their excess GHG quotas further. As a result the demand for CO2 savings fell, ultimately causing a sharp decline in prices for GHG quotas. Germany is also drawing the first consequences. While the Federal Environment Minister was still in favour of extending the UERs until 2028 in the last draft bill, the end of the UERs has now already been set for 2025. No more new projects in this sector will be certified in 2024. The cancellation of UERs as a fulfilment option eliminates the potential for CO2 savings of 1.2 percentage points. Together with the planned increase in the GHG quota in 2025, this increases the need for GHG savings by 2.45 percentage points, which is by far the largest annual increase since the introduction of the GHG quota, without new investment in the European biofuels industry taking place. Verbio expects that a solution to the presumably fraudulent import volumes of biodiesel will also be found at the latest with the implementation of RED III, in the form of more effective controls and sanctions. The decisions taken at the European and German levels emphasise the importance of sustainable business models and strengthen confidence in the long-term stability and integrity of the market in Europe. However, anti-dumping duties can only represent a temporary solution. In order to achieve a sustainable and long-term solution to these fraud cases, comprehensive control and sanction measures in non-European countries are also needed. Meanwhile, Verbio continues to focus on matters that the Company can influence directly. These include the efficient use and continuous optimisation of our plant facilities and responsible investment in growth projects, while maintaining strict capital discipline. Internationalisation and product diversification based on biomass from sustainable sources offer attractive growth potential, also outside the German and European transport sector. 1 According to SquareCo, an information service provider, 1.87 million tonnes of biodiesel (FAME) were exported from China to Europe in 2023, accounting for 96 percent of the total volume exported from China and around 14 percent of total European consumption. In China itself, there is practically no substitution of diesel fuels.
At Verbio we make more from biomass. In our biorefineries we convert raw materials and residues from regional agriculture into climate-friendly fuels, green energy and renewable products for chemicals and agriculture. In addition, we create high-value components from sustainably-generated biomass for the animal feed and food industries. We employ more than 1,000 people at our locations in Germany, Poland, Hungary, India, the USA and Canada. Our motto “Pioneering green solutions” sums up what drives our international team; with innovative technologies and green solutions, we are shaping the social and industrial transformation toward climate neutrality and ecological production. We contribute to preserving natural resources and to leaving the Earth in a habitable state for the generations that will follow us. In doing so we combine global growth with economic success, social responsibility and security of supply. Verbio shares (ISIN DE000A0JL9W6/WKN A0JL9W) have been listed in the prime standard segment of the Frankfurt Stock Exchange since October 2006. Our headquarters are in Zörbig, Germany. Important notice This publication contains forward-looking statements based on assumptions and estimates by the management of Verbio SE. Although the Company’s management is of the opinion that these assumptions and estimates are realistic, actual future developments and actual future results may differ significantly from these assumptions and estimates due to a variety of factors. For example, these factors can include changes to the overall economic climate, changes to the legal and regulatory framework in Germany and the EU, and changes in the industry. Verbio can give no guarantees and accepts no liability as to whether future developments and the results actually achieved in future will match the assumptions and estimates made in this publication.
Contact: Verbio SE Alina Köhler (IR) Ulrike Kurze (PR) Tel: +49(0)341/308530-299 E-Mail: ir@verbio.de/pr@verbio.de
22.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Verbio SE |
Thura Mark 18 | |
06780 Zörbig | |
Germany | |
Phone: | +49 (0)341 308530-0 |
E-mail: | ir@verbio.de |
Internet: | www.verbio.de |
ISIN: | DE000A0JL9W6 |
WKN: | A0JL9W |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1951365 |
End of News | EQS News Service |
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1951365 22.07.2024 CET/CEST
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