04:40 PM EDT, 07/05/2024 (MT Newswires) -- (Updates with comment request, added details)

Chevron ( CVX ) is putting workers on furlough at a biodiesel plant in Oeding in northern Germany with the factory out of operation due to oversupply in the market, Bloomberg reported Friday, citing an email from the company and a plant spokesman.

The plant has been idle for months amid alleged fraud and dumping of Chinese biodiesel which has undercut European Union producers, Bloomberg said, adding that the facility was recently upgraded to handle various feedstocks and process waste ingredients like used cooking oil.

Starting Aug. 1, workers will stay home with partial salaries covered by a German government program. Chevron ( CVX ) urged Germany to adopt a US-style accreditation system for biodiesel producers, the report said.

Chevron ( CVX ) didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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