21st Oct 2013 09:55
LONDON (Alliance News) - Shares in Graphene NanoChem PLC jumped 8.4% after it said Monday that its subsidiary, Zurex Corporation Sdn Bhd had resumed operations at its Lahad Datu palm-oil refinery in East Malaysia.
Graphene NanoChem manufactures speciality chemicals and nano materials, using renewable materials such as vegetable oil. Its shares were trading up 7.3% at 70.28 pence Monday morning.
A slump in the Malaysian palm oil refining industry had led to a temporary shut down of the refinery in 2012, Graphene said, but market conditions had improved after changes in the Malaysian tax regime. The company expects the refinery to have initial production of 2,000 tonnes of Refined Bleached Deodorised Palm Oil in October.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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