ASB Biodiesel, a joint venture between Al Salam Bank-Bahrain and a group of Gulf-based financial institutions, has launched its new $165 million waste-to-biodiesel plant in Hong Kong.

A dynamic, diversified and differentiated Islamic lender, Al Salam Bank-Bahrain said the new plant is capable of processing waste oils into 100,000 tons of biodiesel annually.

The new plant is operated by ASB Biodiesel, a Hong Kong-based company that has Abdulla Hassan Saif, HRH Premier's Advisor for Economic Affairs, as its chairman. It is owned by various investors led by Al Salam Bank - Bahrain.

Hong Kong Financial Secretary John Tsang Chun-wah officially opened the plant by unveiling a plaque at the launch ceremony.

Speaking at the launch, Hassan Saif said: "We are very pleased that we could open this plant in Hong Kong, which offers the ideal population density to support waste collection and recycling, a well-developed regulatory and business environment, and proximity to the mainland Chinese market."

The biodiesel plant collects waste cooking oil and up to 550 ton of grease trap waste per day, then processes the waste using advanced, multi-feedstock technology from Austrian designer BDI Bioenergy International.

"We thank the Hong Kong Government, and its related constituent administrative divisions, for supporting the viability and completion of this project," he added.-TradeArabia News Service