Argentina’s biodiesel industry warned Friday it faces collapse if Europe makes good on a threat to impose stiff duties on their product next month, AFP reports.
The European Commission earlier this month moved to raise duties on Argentine and Indonesian biofuels in response to alleged dumping.
The increases would be on top of temporary duties the Commission imposed on Argentina in May.
“The European Commission confirmed its decision to close the biodiesel market for Argentina, putting the whole Argentine soya chain in check,” the Argentine Biofuel Chamber said in a statement.
Argentina is the world’s top producer of biodiesel, which is made from soybeans, producing 2.5 million tons in 2012, of which 1.6 million tons are exported.