From: The Fiji Times - 23/05/2009
The Cakaudrove Provincial Council ( the province in the second biggest island in Fiji - Vanua Levu) has agreed in principle to accept a $174m investment by Bio Fuels International to produce bio fuel enough to meet local needs using pongamia tree or vesivesi.
Bio Fuels CEO Tim Gibbons said the project called the Renewable Energy Transformation Initiative or RETI provides Fiji with an opportunity to remove its reliance on another country for fuel supply.
In an address to the council in Somosomo, Taveuni, yesterday Mr Gibbons claimed the country would gain as much as $2.4billion by reducing fuel imports if the project is successful.
"We will not lease land but will work in partnership with landowners in the form of grower contracts to plant the trees," he said.
"The main factor that makes this project stand out is that it is funded 100 percent by foreign investment," he said.
"No hooks, no hidden agendas, no loans, just simple private funding from private investors around the world that wish to play a vital role in the development of the world use of renewable fuels."
"We have just enough genetically modified seeds to cover 100,000 hectares," he added.
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Check for earlier Pacific Biofuel posts: http://pacbiofuel.blogspot.com/
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