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Biodiesel producer reports increase in sales

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Ames-based Renewable Energy Group Inc. reported second-quarter revenues of $272 million, a 39 percent increase from the same period last year, on sales of 54 million gallons of biodiesel, a 63 percent increase over the year. Adjusted income was $26.5 million, a 3 percent increase from the year-ago period. The company also said it has added wholesale terminal locations in California, New Mexico and Ohio. The increase in gallons sold was primarily due to increased production capacity and an increase in biodiesel demand compared with the same period in 2011 as petroleum-fuel refiners and importers sought to meet their renewable volume obligations to purchase biomass-based diesel under the federal renewable fuel standard, which requires the consumption of 1 billion gallons of biodiesel in 2012, compared with 800 million in 2011, according to a news release.