Favorable Extension of Ethanol Tax Incentives (2412Y)
20 Dezembro 2010 - 5:00AM
UK Regulatory
TIDMGTL
RNS Number : 2412Y
GTL Resources PLC
20 December 2010
For immediate release 20 December 2010
GTL Resources PLC ("GTL")
Favorable Extension of Ethanol Tax Incentives
GTL Resources PLC (AIM: GTL), the US based bio-refining company,
with a 100 million gallon per annum nameplate volume ethanol plant
in Illinois, is pleased to comment on the recent US legislation
signed into law 17 December 2010 by President Barack Obama
extending key ethanol tax incentives.
The new law extends key ethanol tax provisions including:
Blender's Credit for Ethanol (VEETC)
The bill extends the Volumetric Ethanol Excise Tax Credit
through 2011 at the current rate of 45 cents per gallon.
Tariff on Imported Ethanol
The bill also extends through 2011 the existing 54 cent per
gallon secondary tariff on imported ethanol.
Richard Ruebe, CEO of GTL Resources PLC, commented "We are
delighted and reassured that the US Congress and President Obama
have chosen to continue its support of the ethanol incentive
programs that have nurtured the growing US ethanol industry. We
believe the extension of the ethanol tax incentives should continue
to encourage our customers to blend ethanol above the minimum
volumes prescribed in the Renewable Fuels Standard (RFS2), which
calls for base renewable fuel blend stock (corn based ethanol) to
increase 0.6 billion gallons each year, from 12 billion gallons in
2010 to 15 billion gallons by 2015 and thereafter. This news, along
with the USEPA's recent October 2010 announcement allowing 15%
ethanol blending in 2007 and newer model year vehicles (an increase
from 10% blending), shows US law-makers and the Obama
administration clearly recognize the positive long-term benefits of
ethanol to the environment, to energy security, and to the economy.
This one year extension will give the upcoming 2011 US Congress
adequate time to evaluate the merits of all US energy incentives,
including the significant incentives supporting fossil fuels, as
they tackle longer term energy tax policy reform."
For further information please contact:
GTL
Richard Ruebe
Jeffrey Lemajeur
+1 630-773-1226
enquiries@gtlresources.com
Cenkos
Stephen Keys
Elizabeth Bowman
+44 20 7397 8928
Buchanan Communications
Charles Ryland
Ben Romney
+44 20 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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