O2Diesel Corporation (OTD) Receives Approvals for Its Fuel Technology in France
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O2Diesel Corporation (AMEX: OTD) has received the regulatory approvals necessary to start delivering its proprietary diesel ethanol blended fuel, O2Diesel, in the French market. These approvals from DRIRE and DIREM, the regulatory bodies responsible for the Environment and Fuel specifications and applications, are the result of intensive work by O2Diesel's European subsidiary.
Europe is a market which the company believes will be a substantial opportunity for its technology, especially as the 2003 EU directive to replace 5.75% of fossil energy with renewable fuels is implemented in member countries.
France is the third largest consumer of petroleum in Europe (behind Germany and Russia) and tenth in the world. Diesel represents more than 70% of France's transportation fuel market at 29 billion litres per year.
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