Wednesday 28 November 2007

Petra Group and Bill Clinton announce jatropha biofuel plan for West Indies

Petra Group, a clean energy technology-focused conglomerate based in Malaysia, plans to create a jatropha plantation in the West Indies to support the biodiesel production facility it also intends to build in the region.

The company describes the initiative as part of a wide-ranging project started by the Petra Trust to create sustainable employment, wealth and eradicate poverty in the region through the establishment of jatropha nurseries, plantations and a biodiesel refinery.

Former US President Bill Clinton and Petra Group's CEO Vinod Sekhar, announced the commitment at the third annual meeting of the Clinton Global Initiative in New York.The estimated cost of the initial five-year programme is $130 million (€92 million).

Petra Group and the governments of the West Indies, starting with St. Vincent and the Grenadines and Guyana, will establish a new venture to manage, administer and benefit from the biodiesel project.

This central body will develop the business plan, select property, commission the plant, distribute the seeds, and manage transportation, aiming for phased development of jatropha plantations.

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