This is shown in the chart as an increase in soybean oil feedstock cost from an historical low of $2.46 per gallon in late April to a peak of $3.92 at the end of December. "At present the seeds are available for Rs 6-7 per kg which will help in pricing the biodiesel at Rs 28 per litre. As noted earlier, previous research indicates that soybean oil prices lead (or cause) biodiesel prices at the weekly time horizon (farmdoc daily, September 10, 2015). 0000000651 00000 n %PDF-1.2 % These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. This was the second consecutive year of negative annual profits. Department of Agricultural and Consumer Economics. 0000001520 00000 n Input Costs. Costs of biofuels mainly depend on labor and land costs, feedstock, oil market and agricultural subsidies. 71kEJ).kH#|_.By)J2m$1t]c$#= V5&,[24@I*B!GDEn P5!+[_Zi8 ;3xqqGvH-g#o16}1'J%SkvL~j1;vd:JE%YS=e!M/T C,'uHo%G However, limiting the feedstock to soybean oil is reasonable since it represents about half of the feedstock used to produce biodiesel in the U.S. and feedstock prices tend to be highly correlated. endstream endobj 420 0 obj <>/Metadata 16 0 R/Pages 15 0 R/StructTreeRoot 18 0 R/Type/Catalog/ViewerPreferences<>>> endobj 421 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 422 0 obj <> endobj 423 0 obj [/Indexed/DeviceRGB 203 452 0 R] endobj 424 0 obj <> endobj 425 0 obj <> endobj 426 0 obj <> endobj 427 0 obj <>stream By Jeffrey Yago, P.E., CEM. Irwin, S. "Ethanol Production Profits in 2020: A Year Like No Other." 9 pounds of glycerin co-product per gallon of biodiesel. oil required per litre biodiesel x 0.915. b7_mX,IL7Ym\ With that background we can proceed to discussion of biodiesel production profits. Biodiesel and conventional diesel vehicles are one in the same. 0000006195 00000 n Now the quality of the oil is critical," said Kym Leatt, a director of Envirogroup, which collects, refines and sells 7,500 litres a week in Kent. Irwin, S. "Biodiesel Production Profits in 2019." Last accessed: 29 August 2020 (afdc.energy.gov). This is higher than the current price of regular diesel. Assuming all plants in the industry earned a net profit of -$0.001 per gallon, then, total biodiesel production for the U.S. in 2020 of 1.809 billion gallons implies aggregate industry (pre-tax) profits of -$1.8 million. Since the law was relaxed to allow people to make 2,500 litres a year for their own use, most are working legally, but as the price of fuel rises inexorably, so criminal elements are moving in. List of these foods starting with the highest contents of Epigallocatechin-3-gallate and the lowest contents of Epigallocatechin-3-gallate, CaribSea, Freshwater, Super Naturals, Peace River weighs 1489.72 kg/m (93.00018 lb/ft) with specific gravity of 1.48972 relative to pure water. 419 49 B20 sells for about 20 cents a gallon more than petroleum diesel according to the U.S. Department of Energy. farmdoc daily (8):54, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, March 28, 2018. This is by a very wide margin the longest period that biodiesel prices have been below the shutdown price since 2007. Losses by the end of the year were among the worst over the entire sample period. You also have the option to opt-out of these cookies. Total fixed costs of 26 cents per gallon of biodiesel through 2017 and 20 cents per gallon thereafter. Biodiesel prices also increased over this time period, but just not as fast as soybean oil prices. These clauses specify how the biodiesel tax credit will be shared between the biodiesel producer and blender if the tax credit is not in place at the time a transaction is made but retroactively reinstated at some later date. Profits are presented in terms of both total pre-tax net returns and percent return to equity. This is shown in the chart as an increase in soybean oil feedstock cost from an historical low of $2.46 per gallon in late April to a peak of $3.92 at the end of December. Obtained by Damodaran, A. from the Federal Reserve database in St. Louis (FRED). Blends of gasoline and ethanol $ per litre. The purpose of this article is to estimate biodiesel production profits for 2020 and assess the continuing fallout from the COVID pandemic. In the past, increases in soybean oil prices have generally lead to increases in biodiesel prices that at least allow producers to breakeven. Petrol pumps are charging petrol at Rs.99.80 and diesel at Rs.93.72 per liter respectively in Chennai. Bio UK Fuels offer quality biodiesel for sale in Sheffield, South Yorkshire, and across the UK. Outside of these years, the market generally priced biodiesel based on the cost of soybean oil, a partial markup for other variable and fixed costs, and small profits or losses. Finally, it is important to note that the annual profit estimates do not take into account revenue from retroactively reinstated biodiesel tax credits. Twenty-four hours later the waste oil has been purified, filtered and refined and is ready to be used in one of his family's two diesel cars. The bottom fell out starting in August, and losses by the end of the year were among the worst over the entire sample period. That beats buying fuel at the pump! $1,032 1.03 Catalyst $0.0088. It is likely that the policy environment will be more favorable for increasing biodiesel production under the new Biden Administration. These cookies track visitors across websites and collect information to provide customized ads. Instead of paying 1.25p a litre at the local supermarket, he has paid 15p to make his own biodiesel. Other variable input costs of 25 cents per gallon of biodiesel. A year ago most people were putting it into old cars. Diesel prices: We show prices for Australia from 11-Jan-2021 to 19-Apr-2021. Companies making biodiesel "reactors" report booming sales and demand for cheaper diesel is outstripping anything they can produce. We're selling biodiesel machines to the average Joe, universities, schools, restaurants, taxi drivers, absolutely anyone," said James Hygate, a director of GreenFuels. A Pattern Change for Biodiesel Production Profitability in 2017? While the representative biodiesel plant has had some modest gains in feedstock efficiency in recent years, this has come at the cost of added methanol expenses. The scale is up to you: Brew enough to make your homestead fuel-independent, or join forces with Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. What are various methods available for deploying a Windows application? In particular, this method of biodiesel production should not be confused with renewable diesel production, which is growing rapidly. However, this is definitely a case where the average obscures the most interesting part of the story. It does not store any personal data. 4LWR) s9r\!tz8=NOLauRi0=#=#=#=#=#=~ 0000053995 00000 n Moreover, the new plant would also be used to expand the company's capacity of manufacturing cars from 4,000 to 5,000 by 2009. With an average yield of 33 bu/ac, the cost for making your own biodiesel using November Across all types of production feedstock (e.g., soybean oil, canola oil, animal fats) the average conversion rate was 7.50 over January 2017 through November 2020, slightly below the 7.55 conversion factor assumed in the original version of the model. One possibility is a rising level of renewable diesel capacity and production in the U.S. Before discussing estimates of the profitability of biodiesel production in 2020, it is useful to review the possible impact of the COVID pandemic on biodiesel production in the U.S. Biodiesel to cost Rs 28 per litre: DaimlerChrysler. "Demand is going through the roof. As an alternative fuel similar to petrol and fossil diesel, biodiesel is an advance form of biofuel produced from an animal or vegetable fat based renewable fuel. of canola + $6.57 COP per bu. 'eFm1q}LmX+w~~\zVG79jR2{mgYEDGjeWj_?A&)[h#/ byQ9 |B'yO|YHC|\2FB~ (44 We heard that one fish and chip shop in Southend was broken into just to steal the waste oil.". 0000043697 00000 n Another perspective is provided by aggregating profit margins over an annual horizon. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. The farmdoc daily website falls under University of Illinois copyright and intellectual property rights. These cookies ensure basic functionalities and security features of the website, anonymously. trailer As of now, the biodiesel can be used in any engine. The average level of profits in 2011, 2013, 2016, and 2018 was $0.43, $0.50, $0.15, and $0.23 per gallon, respectively. 0000026973 00000 n You are recommended to do inline blending or buy biodiesel preblended and prefiltered. Look for BQ-9000 certified producers and marketers where available. In previous versions of the representative biodiesel plant model, it was assumed that 0.71 pounds of methanol were used per gallon biodiesel produced. You can make Biodiesel anywhere from $0.75/gallon to $1.50/gallon depending on the cost of materials required to make it. BIODIESEL PRICE IN INDIA. lb/metric c to oz/metric tbsp conversion table, lb/metric c to oz/metric tbsp unit converter or convert between all units of density measurement. However, we will be importing peripheral components like fuel pipe, fuel neck and fuel tank from Germany for customers who want to shift from petrol and diesel to biodiesel," said Kadlaskar. %PDF-1.4 % "We are also hoping to begin manufacturing or assembling luxury buses at the plant. The exceptions are 2011, 2013, 2016, and 2018. Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. Make your own biodiesel for 80 per gallon. Biodiesel has 8-9% less energy per liter than petroleum diesel. "If you can collect your own oil it works out at about 15p a litre. Pure biodiesel (B100) sells for aboiut 85 cents more per gallon than regular diesel. 0000011600 00000 n Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. In the UK, the standard 419 0 obj <> endobj This cookie is set by GDPR Cookie Consent plugin. The council says it could save nearly 100,000 and reduce its greenhouse gas emissions by several thousand tons. It expects to sell around 75 cars by the end of 2007. Two enormous spikes in 2011 and 2013 dominate the weekly profitability estimates, when profits exceeded $1 per gallon. Diesel and fuel oil use did drop sharply in the early months of the pandemic, down about 25 percent year-over-year in late April, but this was nowhere near as severe as the drop in gasoline and ethanol. In previous versions of the representative biodiesel plant model, a conversion factor of 7.55 pounds of soybean oil per gallon of biodiesel was assumed. About biodiesel. Profits quickly slid during the onset of the pandemic and fell all the way back to breakeven by the end of the summer. 0000001175 00000 n Data on biodiesel production and feedstock use from the EIAs Monthly Biodiesel Production Report were examined to determine whether biodiesel production efficiency has improved in recent years. What is the difference between a conductor and an insulator? 0000000016 00000 n Figure 3 presents the weekly (pre-tax) estimates of biodiesel profits over January 26, 2007 through January 22, 2021 based on the price data and model assumptions. Irwin, S. "Biodiesel Production Profitability in 2018: Did Headwinds or Tailwinds Dominate?" T?L`$ Kadlaskar informed that the company had imported around 100 such trucks last year as samplers which cost around Rs 55-60 lakh. The key is that blenders face a binding RFS biodiesel mandate, and it is rational to effectively purchase biodiesel at a discount in the current year, due to the tax credit, in order to meet mandates in later years. The ratio of average return to standard deviation provides one measuring stick of an investments return-risk attractiveness, and on this measure the ratio for biodiesel investment, 0.36, is somewhat lower than the stock market as a whole, 0.62. Breakeven Price $/Litre = (Cost - (Total Value - Est. 0 Analytical cookies are used to understand how visitors interact with the website. l)`lBhi7D+2@fJZ^#bxF8i/UU,5>K(GUL[/; J- Otherwise, biodiesel production will decrease as plants shut down and this seems inconsistent with the demands for biodiesel under the RFS going forward. This followed a net profit of -$0.02 per gallon in 2019. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Ethanol from sugar cane costs more than $0.40- $0.50/l of gasoline equivalent (lge) when compared to gasoline prices ranging from $0.3- $0.4/lge. 1 What is the cost of biodiesel per Litre? This cookie is set by GDPR Cookie Consent plugin. hbbb`b``3 1T 3 "If we could produce five times as much biodiesel we could sell it just like that," said Leatt. The year started off well, with net profits peaking in early March at "It's a true grassroots industry. Why is the Price of Biodiesel RINs Plummeting? Each plant, estimated to cost around Rs 30 crore, will produce 30 tons bio-diesel per day, which means more than 9,000 tons a year, the official said. H\0iv%.> $F*! The version of the representative biodiesel model used here incorporates several key assumptions: This model is meant to be representative of an average plant constructed in 2007 to process soybean oil into biodiesel. the highest contents of Epigallocatechin-3-gallate, the lowest contents of Epigallocatechin-3-gallate, lb/metric c to oz/metric tbsp conversion table, lb/metric c to oz/metric tbsp unit converter. uPl!#TSO{[zf{3xu~{`%G/,?X*Y~IRYjLa'wfqd4NxUa4vRSzk.I*4MUOi|d_4FF&Y!#x4iq#J{5*l.&Q?x5bwu7r5 To track plant profitability over time, weekly biodiesel and soybean oil prices at Iowa plants from the Agricultural Marketing Service (AMS) were collected starting in 2007. According to Suhas Kadlaskar, director (corporate affairs) of DaimlerChrysler India, excluding the taxes, the biodiesel would cost around Rs 28 per litre and would result in 70 per cent fuel cost reduction. Since the biodiesel tax credit was in place for all of 2020, the movement of biodiesel prices and profits for 2020 cannot be explained by anything to do with the tax credit. This cookie is set by GDPR Cookie Consent plugin. in international refined petrol prices on Australian retail petrol prices. With its research and development project on biodiesel to end soon, DaimlerChrysler India is hopeful that the use of the fuel would gain momentum in the near future. The retired construction site manager then decants the liquid into a machine and adds a few chemicals. This makes sense because diesel use, which directly impacts biodiesel use, was less affected by the lockdowns due to the pressure to keep freight moving in order to continue the flow of goods in the economy. The cookie is used to store the user consent for the cookies in the category "Other. Based on this analysis of EIA data, the feedstock conversion rate in the model is dropped from 7.55 to 7.50 pounds starting in 2018. startxref Cost reductions of biodiesel to a price range of $0.1-$0.3/lde are Costs in a small plant would be about 10 cents per litre Were selling it to hauliers, taxi firms, fleets of tipper trucks. 0000003344 00000 n Produced from waste oil, fatty acid and non-edible vegetable oil, bio-diesel will be blended with the HSD oil for running locomotives. The U.S. economy was savaged by the pandemic lockdowns during the spring and contracted the most since the Great Depression. National Renewable Energy Laboratory; U.S. Department of Energy; 901 D. Street, S.W. They are making their own and then claiming 45p a mile from their firms. We estimate that a representative Iowa biodiesel plant broke even in 2020, despite the effects of the COVID pandemic and associated severe economic contraction. The behavior of biodiesel prices is even more of a riddle given that there has been no major biofuel policy changes during 2020. BS Reporter | We have previously shown (e.g., farmdoc daily, February 5, 2020) that this additional tax credit revenue, garnered through sharing agreements with blenders, can yield a dramatically more positive long-term picture of the profitability of U.S. biodiesel production. Other variable input costs of 25 cents per gallon of biodiesel. According to World Banks forecast, the price for soybean oil, one of the major raw types for biodiesel production, is set to grow by nearly 4% totaling $1,425 per metric ton in 2022. Government has notified Guidelines for sale of biodiesel for blending with High Speed Diesel for transportation purposes on 30.4. 0000012159 00000 n If one takes into account the value of the seed meal The automobile major had initiated an R&D project in association with CSMCRI in Bhavnagar in Gujarat five years ago. The high cost of vegetable oils likely would push the biodiesel cost to over $1.00 per litre. mm~ Profits quickly slid during the onset of the pandemic and the bottom fell out starting in August. People are stealing it from each other and selling it abroad. 0000003953 00000 n 0000001355 00000 n 9 pounds of glycerin co-product per gallon of biodiesel. SARGENTO, MILD CHEDDAR CUBES SNACKS, UPC: 046100304402 contain(s) 400 calories per 100 grams (3.53 ounces) [ price ], 7 foods that contain Epigallocatechin-3-gallate. As mentioned previously, the cost to produce biodiesel is $5.53-$6.38 per gallon. Plant operates at 100 percent of nameplate capacity. 0000004377 00000 n Construction costs for new commercial plants is approximately US $0.25/liter of annual production capacity. endstream endobj 4 0 obj << /Type /Page /Parent 144 0 R /Resources 5 0 R /Contents 6 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 5 0 obj << /ProcSet [ /PDF /Text ] /Font << /F2 135 0 R /TT4 158 0 R /TT8 136 0 R >> /ExtGState << /GS1 161 0 R >> /ColorSpace << /Cs5 153 0 R >> >> endobj 6 0 obj << /Length 5439 /Filter /FlateDecode >> stream Natural gas costs over 2007 through March 2014 are based on monthly industrial prices for Iowa available from the EIA. Post Application Coverage Endorsement Tool (Sheet), Balance Sheet & Historical Financial Statements, Briomass Crop Budget Tool Miscanthus & Switchgrass, Illinois Soil Productivity & Yield Utilities, Farmland LEasing Facts Sheets & Pricing Information, Biodiesel Production Profits in 2020: A Real Rollercoaster Ride, http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html, Ethanol Production Profits in 2020: A Year Like No Other. This cookie is set by GDPR Cookie Consent plugin. ^:|EE#> ! 0000001197 00000 n Here, the biodiesel price at Iowa plants is plotted versus a simplified breakeven profit relationship between soybean oil and biodiesel prices. Call us today for more details - 01709 373248 Glycerin and methanol prices were obtained from OPIS. Make sure the biodiesel vendor guarantees that the biodiesel component of any fuel blend meets the ASTM 6751 standard. 0000005640 00000 n Even, used cooking oil (UCO) could be effectively used to produce biofuel and of great use in diesel vehicles. He is selling for 98p a litre compared with 1.18-1.25 at the pumps. "It's the principle. This is an increase of 60 percent in feedstock costs. xref "We've noticed a surge of people driving company cars. Some companies are saving 25,000 a year. Starting again with CARDs data on operating costs, the production cost of biodiesel right now is at $2.76 per gallon, or $115 per barrel. However, this is definitely a case where the average obscures the most interesting part of the story. By comparison, the average level of net profits in 2020 was -$0.001 per gallon, almost exactly at a breakeven level. 0000055013 00000 n hb```b``Kf`c` @Q5s v``l." Thereafter, biodiesel production recovered and was actually above 2019 levels for the remainder of the year. What to check when buying biodiesel. On 10.08. VlQo:0~Sww~FKrQK KfZ>c'h:tgW}Liyo]rM\(RXq vRa+9~S*#W=_6%bO/r9nkdr@{'hnG6Z\kE .^W)=cLk".^0d|0-h)k4w!0W1E^x{&.NO~XCJqwV}3{[2K&4K$zjML+GuQZt.KO[&3dg+ zWzoTF~tJ-JZmm)Wj5 jojVobr\;ax{PFN[j5BRR[THqfu#>. Biodiesel can be used in its pure form (B100) or blended with petroleum diesel. 0000013157 00000 n In Delhi, Petrol is priced at Rs.90.58 and diesel at Rs.80.97 per liter. "Demand has grown exponentially. Biodiesel Any litres: Call 01244 336444 View Other Prices; Chelmsford Biodiesel Any litres: Call 01245 362646 View Other Prices; Croydon Biodiesel Any litres: Call 020 8689 5500 View 0000001807 00000 n 1.02 Methanol $0.0688. Once the tax credit expires, the incentive to push up prices, profits, and production disappears and the biodiesel industry in the past returned to a norm of losses. What is the cost of biodiesel per Litre? BpBh,I5pS Lacking a better explanation, biodiesel prices will in all likelihood have to rise to match the increase in feedstock prices. So, a plant producing 8 million liters (8000 MT) of biodiesel would cost approximately US $2 million. Biodiesel weighs 0.8747 gram per cubic centimeter or 874.7 kilogram per cubic meter, i.e. 2015, Government allowed direct sale of Biodiesel (B100) for blending with diesel to Bulk Consumers such as Railways, State Road Transport Corporations. Anecdotal evidence suggests sharing provisions are widespread and that the typical split of the $1 per gallon credit is 50/50. Although light-, medium-, and heavy-duty diesel vehicles are not technically alternative fuel vehicles, almost all are capable of running on biodiesel. rR)1i5)o^fAjH(0 What experience do you need to become a teacher? Representing a good balance of cost, emissions, cold-weather performance, materials compatibility, and ability to act as a solvent, B20 is increasingly popular with fuel retailers and fleets. Operating Costs Cost/Litre Total Cost Your Cost 1. At the end of October, Germanys wholesale price for biodiesel stood at around 75.60 euro cents per liter (USD $3.066 per gallon), excluding energy tax, thus exceeding the price for agricultural diesel (i.e., off-road diesel) by nearly "uc*)AnQqkVkY\(FiqDAuKnZ*T&E9nQA! a17 J6[w3XO9SARo/Z4bks:R8jY\X\R,0 7L\9`Nk'?y}?-~U\'jz_"bM>5GJ,Drr. From the previous step we arrived at z = 6.5g grams per litre. It is important to note that this is a model of a FAME (fatty acid methyl ester) biodiesel plant, where the FAME acronym refers to the transesterification chemical process used to convert fats and oils feedstock into renewable biodiesel. 0000000708 00000 n The conversion efficiency did improve over this period, averaging 7.57 in 2017 compared to 7.51 in 2020. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Groups of farmers are beginning to grow the crops and make their own diesel.". ?2+A)m*fwi\/M_o45O%4u/A; VN#"SGlt 6C6gOj'WeZc{H #C-kNPis '1l*D'rlSQtQ]xsCKr _p:I'z^xh-45mb&Qo^?-@`M?dnhBkozz>8^wkf>wD3AuZ-p^dxoC]NmtUAk6rwL %`C&9Nz0^~@ZO{hX)O9$in}_*J}EU%QIR =$VW*:X4jI75"4Z};~,ueaS,glv,P @.+\b)TJ%l +O{wEZmxVF%?Z+M^L.:TrPBX';2&)z'dprgw1Rh The actual alcohol use per gallon reported by the EIA has been higher and increasing over time, rising from 0.77 pounds in 2017 to 0.83 pounds in 2020. "There are wars going on in London to get the oil," said Tom Lasica, who runs Pure Fuels, London's largest refiner of vegetable oil. Entered price. Biodiesel is safe to handle, store, and transport. A. Enter price and quantity, select a unit of weight or volume, and specify a substance or material to search for. The year started off well, with net profits peaking in early March at $0.42 per gallon, which was near the top of the range of profits since 2014. The current price exceeds the level a year ago by 27 percent. The 7.55 slope is just the number of pounds of soybean oil assumed to produce a gallon of biodiesel over 2007 through 2017. Instead, the key is the large rise in soybean oil prices that began in April 2020. The cookies is used to store the user consent for the cookies in the category "Necessary". 0000003235 00000 n i1L4I;@kz:WT"u6a=xWi%LeH\*A!*Fd*)U0zeNJ}*|xA" OxSLiUE87h~ZkvwKDcLI2R80"*#X)j^k'e BU%:BMS%^J/bAL>b7aS&WBtS`kLU`q@9h>[h%N}? The cookie is used to store the user consent for the cookies in the category "Performance". @ 7 cubic feet of natural gas per gallon of biodiesel. There was more of a surge in D4 renewable diesel generation in the last four months of 2020, but it was still only up eight percent year-over-year. Human beings grow the corn and sugar cane, they use energy-burning machines to harvest it, they use refineries to produce the liquid biofuels. endstream endobj 157 0 obj << /Type /FontDescriptor /Ascent 891 /CapHeight 0 /Descent -216 /Flags 34 /FontBBox [ -568 -307 2028 1007 ] /FontName /TimesNewRoman /ItalicAngle 0 /StemV 0 >> endobj 158 0 obj << /Type /Font /Subtype /TrueType /FirstChar 32 /LastChar 148 /Widths [ 250 0 0 0 500 833 0 0 333 333 500 564 250 333 250 278 500 500 500 500 500 500 500 500 500 500 278 278 564 564 564 0 0 722 667 667 722 611 556 722 722 333 389 722 611 889 722 722 556 722 667 556 611 722 722 944 0 722 611 0 0 0 0 0 0 444 500 444 500 444 333 500 500 278 278 500 278 778 500 500 500 500 333 389 278 500 500 722 500 500 444 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 333 444 444 ] /Encoding /WinAnsiEncoding /BaseFont /TimesNewRoman /FontDescriptor 157 0 R >> endobj 159 0 obj << /Type /Font /Subtype /TrueType /FirstChar 32 /LastChar 121 /Widths [ 250 0 0 0 500 833 0 0 0 0 500 0 250 0 0 278 0 0 500 0 0 500 500 0 0 0 333 0 0 0 0 0 0 611 0 667 0 611 611 722 0 0 0 0 0 833 0 722 0 0 0 0 556 0 611 0 0 0 0 0 0 0 0 0 0 500 500 444 500 444 278 500 500 278 0 0 278 722 500 500 500 0 389 389 278 500 444 667 444 444 ] /Encoding /WinAnsiEncoding /BaseFont /TimesNewRoman,Italic /FontDescriptor 160 0 R >> endobj 160 0 obj << /Type /FontDescriptor /Ascent 891 /CapHeight 0 /Descent -216 /Flags 98 /FontBBox [ -498 -307 1120 1023 ] /FontName /TimesNewRoman,Italic /ItalicAngle -15 /StemV 0 >> endobj 161 0 obj << /Type /ExtGState /SA false /SM 0.02 /TR /Identity >> endobj 1 0 obj << /Type /Page /Parent 144 0 R /Resources 2 0 R /Contents 3 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 2 0 obj << /ProcSet [ /PDF /Text ] /Font << /F2 135 0 R /TT2 154 0 R /TT4 158 0 R /TT8 136 0 R >> /ExtGState << /GS1 161 0 R >> /ColorSpace << /Cs5 153 0 R >> >> endobj 3 0 obj << /Length 5060 /Filter /FlateDecode >> stream