Australian Renewable Fuels Limited confirmed last month it had entered voluntary administration and its Barnawartha employees would be made redundant.

But the Biofuels Association of Australia has revealed buyers are interested in the company.

BAA executive officer Mark Sutton said expressions of interest had been sought, but the issue of retaining employees would be one for any new owner.

Redundancies were originally expected to be finalised by early March.

“I'm not sure about what that means as far as jobs go,” Mr Sutton said.

“It certainly is a plant that would be attractive to buyers and there has been some interest.

“The best outcome would be for it to be bought.”

ARF was hit by the slump in oil prices, which drove down margins of the alternative fuel producer.

The price of crude oil tumbled by more than 70 per cent over the past 18 months.

Mr Sutton said the Barnawartha plant, the largest in Australia with a maximum capacity of 60 million litres, was still viable.

“This is an international standard plant that is well positioned to take advantage of a recovery in oil prices,” he said.

“We would like to see the plant up and running again.”

The BAA revealed the Barnawartha plant had revenues of $50 million and an operating margin of $7.6 million.

Mr Sutton said he expected it would attract interest from both Australia and overseas.

He said a biodiesel excise, to be introduced over 15 years to a cap of 50 per cent of the full rate, would provide regulatory certainty.

“Dumping from overseas producers has buffeted the industry in recent years, but this issue is now addressed with a full excise imposed on imported biodiesel,” Mr Sutton said.

ARF was one of three biodiesel producers in Australia, with other smaller plants located near Newcastle in NSW and in Queensland.

The biodiesel plant in Plemings Road, Barnawartha opened a decade ago and went on to become one of the largest private companies in the Indigo Shire.

In a statement in January, ARF said its board intended to explore all options to maximise the value for stakeholders.

The Border Mail contacted the company for further comment.