TN PETRÓLEO

Vancouver-based biomass-to-biofuel company Dynamotive Energy Systems (OTC BB: DYMTF) has executed contracts to acquire biomass to fuel two of its proposed power plants in Argentina`s Corrientes province, the company said in a statement.

The deal entails biomass deliveries of 250,000 wet tonnes a year for 10 years.

Made up of sawdust and other forestry residues, the biomass would be delivered to the municipality of Virasoro, where Dynamotive is making plans to set up operations. Talks are due to wrap up "in the near term" on the project location.

Dynamotive`s project in Corrientes, which could include up to six plants, entails generating power and/or developing BioOil, an industrial fuel made from cellulose waste. The company is in talks with financial institutions for project funding.