this is big news for MBT. green light from indian govt to continue investment in jatropha and to continue to export it specifically. also mentions current negotiations with several oil majors in the US on the back of strong demand which is coming from european and american legislation. this demand will grow independant of the economy ad there isnt enough suplly. not surprising that the big boys are manouvering to manage this risk going forward. the potential for this stock is huge.
Mission Receives Approval from Indian Government Mission NewEnergy Limited (ASX:MBT) a biodiesel refiner and one of the world?s largest Jatropha plantation companies is pleased to announce that the Indian Government (Ministry of Finance) has approved further capital investment by Mission into its Indian feedstock business and to carry on with the original approved activity of being engaged in the contract farming of Jatropha Curcas and utilization of the Jatropha oil for domestic or export markets. ?This affirmation confirms the Indian governments support for the development of the Jatropha industry and the leadership role that Mission is playing in the further development of the industry said Nathan Mahalingam, Managing Director of Mission. While Mission expects that India will become a significant market for Jatropha biodiesel in the future, it currently sees the United States and Europe as its primary markets given significant legislated demand. The demand is growing rapidly for long term supply of sustainable biodiesel and Mission is already in discussions with several oil majors on new off-take agreements similar to the recently contracted landmark off-take agreement with Valero Energy of USA", Nathan Mahalingam added.
MBT Price at posting:
35.0¢ Sentiment: LT Buy Disclosure: Held
