Spanish GreenFuel Corporation would decide within two months whether to build a bio-fuel plant in the region of Pleven, northern Bulgaria, expert.bg reported on March 12.

The decision will be discussed at the company's shareholders meeting in May 2008, Greenfuel's technical director Antonio Jose Huertas Moreno said, as quoted by expert.bg.

Moreno and Pleven regional governor Tsvetko Tsvetkov arranged a working meeting to discuss the future investment's parameters and the production process itself.

The Spanish company might apply for first class investment certificate, which means it will invest at least 70 million leva and would allow it to acquire plots for the plant's construction without attending a tender procedure.

GreenFuel Corporation has been negotiating for the construction of a plant for bio-diesel and bio-ethanol production and a new refinery for more than a year now. The plant will be located in the region of Pleven, Gulyantsi, Knezha or Dolna Mitropolia. It could use the Danube River port of Somovit to deliver raw materials and ship end products.

The project envisions plant capacity of 110 000 tons of bio-diesel and 60 million tons of bio-ethanol annually. The raw material needed for production on such a scale is at least 250 000 tons of vegetable oil-rich crops for bio-diesel and 100 000 tons of grain for bio-ethanol.