Oil refiner Hydrodec raises £20m

Aim-listed oil refining business Hydrodec, which is chaired by former energy minister and ex-British Olympic Association chairman Lord Moynihan, yesterday said it has raised £20m through placing shares at 0.5p each to finance further expansion and repay all long-term debt. Hydrodec is in “advanced discussions” in the UK and Australia with potential partners to expand the business. The firm is looking to raise up to a further £4m through an open offer available to existing shareholders at an issue price of 11.25p per share. The fundraising follows last month’s acquisition of oil processor and seller OSS.