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(Yicai Global) Shares in Jiaao Enprotech soared by as much as 7.25 percent today after the Chinese chemical product maker penned a CNY1 billion (USD155 million) biodiesel supply deal with the Singapore subsidiary of oil major Royal Dutch Shell.
Jiaao Enprotech’s stock price [SHA:603822] closed up 4.25 percent at CNY15.95 (USD2.48) today. Earlier in the day it had reached CNY16.41.
Shell International Eastern Trading will purchase a total of 150,000 tons of European Union-standard biodiesel fuel from Jiaao Enprotech over a three-year period starting from July, the Tongxiang, eastern Zhejiang province-based firm said yesterday.
The deal comes into effect once Jiaao Enprotech’s new production line of the renewable alternative to fossil fuels comes into operation. This will treble the firm’s current output of 50,000 tons a year and make Jiaao Enprotech one of the country’s largest producers of the biofuel. ....

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