Mission NewEnergy to expand Indian business

Australian biodiesel producer Mission Newenergy Ltd. has received the green light from the Indian Ministry of Finance for further capital investment in the local biodiesel feedstock business. As a result, the company will continue its previously permitted activities in contract farming of jatropha curcas, as well as use jatropha oil for the domestic or export markets. Nathan Mahalingam, managing director, said that demand in the jatropha industry is growing rapidly for the long-term supply of sustainable biodiesel. In turn, the company is in talks with several oil majors on new deals, similar to the recently inked landmark off-take agreement with U.S.-based Valero Energy, Mahalingam added. However, while waiting for India to become a significant market for jatropha-based biodiesel in the future, Mission NewEnergy currently sees the U.S. and Europe as its current primary markets. (March 18, 2010)