SOURCE: Renewable Fuel Corp

June 09, 2009 10:11 ET

Oilcorp and Renewable Fuel Corp Ink $22 Million Agreement

LAS VEGAS, NV--(Marketwire - June 9, 2009) - Renewable Fuel Corp, Inc (RFC), an emerging producer and distributor of biodiesel and biodiesel blended fuels in the US and key global markets, announced today that in conjunction with recent negotiations and a subsequent agreement with Oilcorp Berhad (Oilcorp) and through its wholly owned subsidiary Oilcorp International Limited, the Oilcorp Board of Directors issued an agreement worth $22 million as defined in the Circular to Shareholders. The shareholders will meet to vote on the Circular within the next few weeks. This consent represents a major solution to the progress of RFC and cements the opportunity with Oilcorp to jointly proceed with biodiesel initiatives. Oilcorp is a diversified international corporation and is active in oil and gas, special projects, hotel, resort operation, property investment, and deep-sea fishing.

The strategic agreement between RFC and Oilcorp is an opportunity to leverage the unique expertise of both companies in the area of green energy. RFC's B100 biodiesel uses only renewable and sustainable agricultural feedstocks. As a green fuel, RFC biodiesel does not contribute to global warming and reduces carbon emissions.

"The ownership in RFC enables Oilcorp to have an important stake in the booming biodiesel industry in the US and key global markets," said Sunny Ng Huat Tian, Group Managing Director of Oilcorp Berhad. "RFC is an emerging leader in the rapidly growing green energy industry; with its vertical upstream and downstream approach to biodiesel, they are better able to profitably leverage the market and take advantage of the worldwide requirement for green fuels, and this will enable Oilcorp to profit along with RFC."

"Oilcorp shares my vision for supplying the world with clean fuels and improving the environment," said William Van Vliet, Chairman of Renewable Fuel Corp. "We anticipate the Oilcorp shareholders will support this effort at the EGM which serves to advance RFC's global presence. My goal is to be the leader in supplying the world with green and sustainable biodiesel. With Oilcorp shareholders' support they are helping put us a step closer to fulfilling this strategy."

About Renewable Fuel Corp

RFC is an emerging premier provider of biodiesel and green fuel solutions worldwide. The company operates a biodiesel facility in Kuantan, Malaysia to produce biodiesel for sale in the US and globally. RFC produces all of its biodiesel to ASTM and EN diesel standards. For more information, contact us at +1.702.989.8978, or visit us at

About Oilcorp Berhad

Oilcorp Group is a well-diversified group of companies involved in three (3) core business activities, i.e. oil & gas, special projects, hotel, resort operation and property investment, and deep-sea fishing. While the oil & gas special projects are specific in nature, both the hotel and property investment and deep-sea fishing activities provide the Group with steady streams of recurring income. The company trades on the Bursa Malaysia exchange. It is a major provider of infrastructure and components to the oil and gas industry world wide and is a second level company in offshore platform fabrication.

Contact Information

  • Contact:
    Renewable Fuel Corp
    +1.702-989-8978 ext. 1040

    Oilcorp Berhad