Jatoil to suspend Vietnam investment

Following a strategic review of its operations, Australia’s Jatoil Ltd. announced that it would concentrate future investment on its growing Indonesian jatropha biofuel project and its recently announced proposed coal development. As a consequence, Jatoil will suspend further investment in Green Energy Vietnam (GEV), a jatropha project in Vietnam. Jatoil owns 46% of GEV. CEO Phil Hodgson said GEVs farmer based cooperative model is currently a sub-optimal method of producing rapid, reliable and quality hectares of jatropha at this stage of the industry. On the other hand, he said, our Indonesian jatropha project with PT Waterland International has already produced our first revenue with the crude oil headed for the aviation industry. The PT Jatoil Waterland business model is proving very successful. (September 24, 2010)