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March 31, 2010

D1 Oils chairman steps down over biofuels disagreement

D1 Oils’ chairman Brian Myerson has resigned after his plans to adjust the focus of the business were rejected by fellow board members.

Brian Myerson has been pressing D1’s senior executives to change from planting energy crops to producing biofuels. However, his plans have been rejected and Myerson, whose company owns 27% of D1’s shares, has stood down from the board.

A statement from D1 Oils said that Myerson had left the board with immediate effect, with non-executive director Barclay Forest taking over his role of chairman.

A spokesperson for D1 Oils said: ‘Mr Myerson wanted to use D1’s funds and infrastructure to develop in Mozambique, while at the same time ceasing work on the jatropha project. Myerson is said to have then planned to refocus the business by investing in a new plant in the African region and ditching D1’s jatropha-growing programme.’

D1 Oils is growing jatropha on 544,000 acres land in India and South Asia. The jatropha will then be converted into biodiesel.

The company’s shift in focus has resulted in D1 Oils moving away from biofuels production, which has resulted in the closure of refineries in Teesside and Merseyside, UK, two years ago, and 90 employees losing their jobs.

Biofuels International

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