Mozambique’s Petromoc to raise $408 million for jatropha biodiesel project

The Mozambique oil producer Petromoc is raising $408 million for a new project using 45,000 hectares of jatropha to produce 59 million gallons of biodiesel. Petromoc is currently conducting a pilot biodiesel project using coconut oil as a feedstock.

Petromoc has approached the Brazilian company INM International, Sonipal Ltd, and Aruangua agro-industrial as partners in the project. Mozambique has palm oil planting underway, but jatropha comes to market 54 months faster than palm oil, and with completion of this project the country is expected to be bio-diesel self-sufficient by 2011.

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