TMD Energy (TMDE) said Wednesday it is embarking on an oil waste collection initiative as part of its environmental, social, and governance strategy.

The initiative involves collecting sludge and used cooking oil from maritime operators and the food industry and selling them to third-party partners for processing into biodiesel, the company said.

The company will utilize its logistics network and industry expertise to match the rising demand for sustainable waste disposal, according to a statement.

Shares were up over 20% in recent trading.

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