Riverfort Regulatory News (RGO)

17 Apr 2008 11:03

Viridas PLC17 April 2008 Viridas PLC and INEOS Enterprises join forces in major Jatropha development Viridas PLC (Viridas) has today announced that it has entered into an exclusivestrategic partnership with INEOS Enterprises to develop significant growth inthe sustainable output of Jatropha, a perennial non-food oilseed used inalternative fuels production. Viridas is pioneering the development of owned and managed Jatropha projects inBrazil and specifically the use of Jatropha Oil as a key raw material forbiodiesel production. Jatropha Oil is rapidly becoming the leading replacementfor conventional fuel oils used in industrial and transportation applications. INEOS Enterprises will bring to the partnership a significant outlet forJatropha Oil through its ambitious strategy to become a leading Europeanbiodiesel supplier. Jatropha Oil is a non-food feedstock for biodiesel production that can be grownon marginal land and needs only limited supplies of water, fertiliser andpesticides. Jatropha, which is crushed for oil extraction, will be planted andharvested using adapted agricultural technologies and systems. This will allowidle land to be replanted with trees and the pruning and harvesting processes touse highly efficient farming practices. Stanley Wootliff, Chairman of Viridas, comments, "We are very excited by theprospects for Jatropha in applications for alternative fuels such as biodiesel.Having a partner like INEOS Enterprises enables us to accelerate significantlyour development programme to establish Jatropha as a truly sustainable non-foodcrop." Dr Harryn Deans, CEO of INEOS Enterprises, comments, "This is another excitingdevelopment in our strategy to become a major provider of biodiesel acrossEurope. We continue to explore opportunities to develop sustainable feedstocksfor biodiesel production, working in partnership with growers, and thispartnership is a further demonstration of our continued commitment to thisrapidly emerging sector." INEOS Enterprises is pressing ahead with its ambitious programme of investmentsin new world-scale biodiesel facilities globally, including the expansion of itsexisting operations at Baleycourt, France. Viridas is currently progressing its own significant investment programme,including the acquisition in Brazil of 250,000 hectares of idle land, to beowned and managed by Viridas, for the contracted annual production of 500,000tonnes of sustainable high quality Jatropha Oil. Through this partnership Viridas and INEOS Enterprises share a common vision ofdeveloping their respective leading positions within the biodiesel supply chainwhilst at the same time providing agricultural communities with a new andsustainable crop, helping to create a non-food feedstock for alternative fuelsproduction. For further information, please contact: STANLEY WOOTLIFF, Executive Chairman, Viridas Plc, 0113 2350632,stanley.wootliff@viridas.com JOANNE LAKE, Evolution Securities Limited, 0113 243 1619 JOHN GREENHALGH/RON MARSHMAN, City of London PR Limited, 020 7628 5518 http:// www.viridas.com This information is provided by RNS The company news service from the London Stock Exchange