POET to Idle Cloverdale, Indiana Facility due to Exemptions

    

   OAKHURST, N.J. (DTN) --- POET today announced it will idle production at its 
bioprocessing facility in Cloverdale, Ind., due to recent decisions by the 
Administration regarding Small Refinery Exemptions. The process to idle the 
plant will take several weeks, after which the plant will cease processing of 
over 30 million bushels of corn annually and hundreds of local jobs will be 
impacted.

   POET has decreased production at half of its biorefineries, with the largest 
reductions taking place in Iowa and Ohio. As a result, numerous jobs will be 
consolidated across POET's 28 biorefineries, and corn processing will drop by 
an additional 100 million bushels across Iowa, Ohio, Michigan, Indiana, 
Minnesota, South Dakota and Missouri.

   POET Chairman and CEO Jeff Broin said, "The Renewable Fuel Standard was 
designed to increase the use of clean, renewable biofuels and generate grain 
demand for farmers. Our industry invested billions of dollars based on the 
belief that oil could not restrict access to the market and EPA would stand 
behind the intent of the Renewable Fuel Standard. Unfortunately, the oil 
industry is manipulating the EPA and is now using the RFS to destroy demand for 
biofuels, reducing the price of commodities and gutting rural economies in the 
process."

    

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