7th Mar 2008 10:32
D1 Oils Plc07 March 2008 7 March, 2008 Statement on Refining and Trading Operations As stated in our Q3 Business Update of 4 December 2007, D1 Oils plc (D1)continues to review its downstream refining and trading operations, at bothMiddlesbrough and Bromborough, in the context of imports of heavily subsidisedbiodiesel from the US (B99). As part of this ongoing review, D1 announces today that it has commenced aconsultation process with employees at both its Middlesbrough and Bromboroughsites. Consultations will begin immediately with employees at both locations. A further announcement will follow when consultations are concluded. Commenting on the announcement, Elliott Mannis, Chief Executive Officer of D1Oils plc, said: "The decision to begin consultations with employees is not one we have takenlightly. Imports of heavily subsidised biodiesel from the US, so-called B99,have eroded margins to the point where we have no choice but to consider how toreduce operating costs. We are taking this action in order to manage thebusiness proactively in a difficult market." Contact D1 Oils plc:Graham Prince, Director, CommunicationsTel: +44 (0)20 3043 8732Mobile: +44 (0)7973 323 840 Brunswick Group:Mark AntelmeTel: +44(0)20 7404 5959 Notes to Editors D1 is a vertically integrated biofuels technology company. We develop new energycrops into sustainable commercial fuels. We provide vertically integratedtechnology and services: upstream technology for the breeding, development andplanting of new varieties of commercial biofuel crops; and downstream technologyto test and process crops to produce high-quality biofuels. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NEOS.L