News blog
Viridas
- BY: Andrew Hore |
- POSTED: 15/12/2008 |
Jatropha biodiesel feedstock provider Viridas has signed a 10 year deal with INEOS.
Viridas announced the partnership earlier in the year but this is the official agreement with Viridas‘ Brazilian subsidiary. This will enable Viridas to push ahead with its strategy to produce Jatropha in Brazil.
Shares in Viridas rose 0.5p to 9.25p each, which values the company at £2.26m.
Viridas needs more cash in order to purchase, plant out and manage 30,000 hectares of jatropha crop in Brazil. Commercial levels of production will not happen until 2013.
INEOS will take up to 60,000 tonnes per annum of jatropha oil when commercial production commences.
There is a break clause in the agreement, which INEOS can exercise two years after commercial production commences.
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