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Jatropha In Mozambique - Industry Overview

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A brief presentation given in January 2008 on prospects of Jatropha cultivation in Mozambique.

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Jatropha In Mozambique - Industry Overview

  1. 1. Industry Overview Jatropha Curcas in Mozambique Junaid Mirza Kijani Energy Inc. January 2008
  2. 2. Table of Contents <ul><li>Country Profile </li></ul><ul><li>Bio-diesel and Jatropha </li></ul><ul><li>Jatropha in Mozambique </li></ul>
  3. 3. Country Profile Political and Economic Overview of Mozambique
  4. 4. Mozambique: Overview <ul><li>Location: situated in Southern Africa on the coast of the Indian Ocean, just north of South Africa and south of Tanzania. </li></ul><ul><li>Area: almost twice the size of California. </li></ul><ul><li>History: former Portuguese colony attained independence in 1975. </li></ul><ul><li>Population: estimated at 20.2 million. </li></ul><ul><li>Politics: politically and economically stable over the past 15 years … after two decades of civil war and economic paralysis. </li></ul><ul><li>Economy: extensive economic reform and sound macroeconomic management have generated sustained economic growth rates, significant business climate improvements, and a surge in FDI. </li></ul>
  5. 5. Political Stability <ul><li>Internal forces have promoted stability: </li></ul><ul><ul><li>Mozambique has been one of the world’s most successful examples of post-conflict reconstruction and development. </li></ul></ul><ul><ul><li>Since the civil war, three national elections have been successfully held. </li></ul></ul><ul><ul><li>The government of Mozambique is noted for policies of reconciliation and rapid economic growth. </li></ul></ul><ul><ul><li>The country is also noted for its leadership in regional diplomacy and peacekeeping initiatives. </li></ul></ul><ul><ul><li>In October 2007, Mr. Chissano—the president of the country until 2005— was awarded the inaugural $5 million Prize for Achievement in African Leadership in good governance. </li></ul></ul>
  6. 6. Economic Strength <ul><li>Local efforts have received widespread international support: </li></ul><ul><ul><li>As outcomes have improved, Mozambique has become one of the largest recipients of international aid and technical assistance … a virtuous circle. </li></ul></ul><ul><ul><li>As Mozambique’s largest trade partner, South Africa exerts enormous influence on the country and has been a source of stability and economic strength. The creation of a transport and development corridor linking the port of Maputo with South Africa’s industrial heartland symbolizes the importance of these bilateral ties. </li></ul></ul><ul><ul><li>Portugal, the former colonial power, retains significant ties to the country, with an expanding network of trade links and investment projects since the end of the civil war. </li></ul></ul>
  7. 7. <ul><li>Broad-based improvements and incentives: </li></ul><ul><ul><li>Mozambique is one of five African countries to win a 2007 award from the World Bank for improving the business climate: “ Doing Business Reformers’ Club”. </li></ul></ul><ul><ul><li>Low labour costs continue to attract investments into the country. </li></ul></ul><ul><ul><li>As further encouragement, the government has introduced legislation including: </li></ul></ul><ul><ul><ul><li>Tax incentives, including tax holidays of up to 10 years </li></ul></ul></ul><ul><ul><ul><li>Customs duties exemptions </li></ul></ul></ul>Business Climate
  8. 8. Natural Resources <ul><li>An abundance of natural resources: </li></ul><ul><ul><li>Mineral resources include reserves of gold, gemstones, titanium, coal and bauxite. There are also good prospects for oil and gas. </li></ul></ul><ul><ul><li>This has helped attract significant foreign investments, with the trend increasing significantly over the past 3-4 years. </li></ul></ul><ul><ul><li>Due to its geographic location, Mozambique also has significant maritime resources. </li></ul></ul><ul><ul><li>There are 12 oil companies operating in the country, and the ports of Maputo, Beira and Nacala are the gateways for imports and exports into the land-locked neighbouring countries and South Africa. </li></ul></ul><ul><ul><li>The country remains predominantly an agricultural country, with at least five major rivers. 81% of the economy is based on the agricultural sector. </li></ul></ul>
  9. 9. Growing Economy <ul><li>Sustained economic growth over last decade: </li></ul><ul><ul><li>annual growth has averaged in excess of 8% over the last decade. </li></ul></ul><ul><ul><li>The Economist Intelligence Unit (“EIU”) has assessed Mozambique to have “stable” sovereign risk, currency risk and banking sector risk. </li></ul></ul><ul><ul><li>Strong economic growth in recent years has been driven by mega-projects and a recovery in agriculture, especially cash crops. </li></ul></ul><ul><ul><li>The economy will also benefit from a second-wave of mega-projects that are currently in the pipeline (e.g., Moma titanium mine in Nampula province and planned doubling of gas exports through the Sasol pipeline in 2008). </li></ul></ul>
  10. 10. Modern Economy <ul><li>Economy has catapulted to a higher growth path: </li></ul><ul><ul><li>Economic expansion is expected to be robust over the next decade, boosted by macroeconomic stability, ongoing economic reforms and continuing donor support. </li></ul></ul><ul><ul><li>The economy is relatively diversified, with agriculture, transport, manufacturing, energy, fisheries, tourism and wage remittances all making important contributions to the economy. </li></ul></ul><ul><ul><li>Agriculture will continue to benefit from ongoing growth in the food-crop sector and robust expansion of commercial and export sectors. </li></ul></ul><ul><ul><li>Improved business climate and excellent economic prospects are attracting substantial investment flows. </li></ul></ul>
  11. 11. Economic Reforms <ul><li>Sound macroeconomic management and extensive reforms: </li></ul><ul><ul><li>Tight monetary policy by the central bank has reined in earlier bouts of inflation. Recently, inflation has been stable at about 6% per year. </li></ul></ul><ul><ul><li>Market-based reforms, under the guidance of the IMF and the World Bank, are helping to transform Mozambique’s economy. In the 1990s, these reforms resulted in the liberalisation of trade and prices, successful privatisation programs, and other structural reforms. </li></ul></ul><ul><ul><li>Mozambique’s economy has reaped substantial rewards from privatisation of inefficient public-sector monopolies, fight against corruption, and improvements in overall governance. The country leads the way among the developing African nations in all of these areas. </li></ul></ul><ul><ul><li>The government has shown a strong commitment to reform and has coordinated closely with donors to improve the technical quality of economic management, resulting in rapid economic growth, macroeconomic stability and significant reductions in poverty. </li></ul></ul>
  12. 12. Agricultural Sector <ul><li>Key plank in national development strategy: </li></ul><ul><ul><li>The sector was liberalised in the late 1990s when government-imposed minimum producer prices for food and cash crops were abandoned. </li></ul></ul><ul><ul><li>Sectoral performance has been strong over the past decade. </li></ul></ul><ul><ul><li>Relative to other countries in the region, the sector is relatively diversified. </li></ul></ul><ul><ul><li>To date, the sector has been slow to adopt productivity enhancing technologies and still exhibits below-average productivity. </li></ul></ul>
  13. 13. Agricultural Sector <ul><li>Sectoral performance has been strong: </li></ul><ul><ul><li>The food crop sector has experienced strong and sustained growth for over a decade, with cereal production having more than doubled. </li></ul></ul><ul><ul><li>Exports of cash crops have picked up dramatically in recent years, though production is still below potential. South African farmers are prominent in plantation of cash crops. </li></ul></ul><ul><ul><li>The sugar sector is receiving extensive foreign investment, most notably from South African and Mauritanian companies that have taken over state enterprises. </li></ul></ul><ul><ul><li>Forestry is also important with an estimated 19 million hectares of productive woodland. </li></ul></ul><ul><ul><ul><li>Tropical hardwoods, pine and eucalyptus plantations are most prominent. </li></ul></ul></ul><ul><ul><ul><li>In July 2006, work began on two plantation projects in the province of Niassa, where a 210,000 hectare area will be planted with eucalyptus and pine trees. </li></ul></ul></ul>
  14. 14. Bio-fuels <ul><li>Bio-fuels is a key focus in sectoral strategy: </li></ul><ul><ul><li>The government is promoting bio-fuels, both bio-ethanol (sugar cane and sweet sorghum) and bio-diesel (copra oil, cotton seed oil, sunflower seed oil and Jatropha Curcas). </li></ul></ul><ul><ul><li>The government has adopted a strategy for eradication of leaded gasoline and other toxic additives. </li></ul></ul><ul><ul><li>Favourable climatic conditions for the cultivation of raw materials for bio-fuels positions the country well for this strategy. Most notably, the country has: </li></ul></ul><ul><ul><ul><li>36 million hectares of arable land, of which only 9% is in use. An additional 41.2 million hectares of marginal land is currently not being used. </li></ul></ul></ul><ul><ul><ul><li>3.3 million hectares of land with the potential for irrigation, of which only 1.6 million hectares is currently irrigated. </li></ul></ul></ul><ul><ul><ul><li>Most neighbouring countries have a severe shortage of arable land and water resources. </li></ul></ul></ul>
  15. 15. Bio-fuels <ul><li>Commitment from the highest political levels and private sector : </li></ul><ul><ul><li>President Guebuza is personally leading the national campaign for the cultivation of Jatropha Curcas in the country. </li></ul></ul><ul><ul><ul><li>3.5 million hectares allocated for Jatropha Curcas production. </li></ul></ul></ul><ul><ul><ul><li>Committed to attracting foreign investments and developing the required legal and economic framework for promotion of bio-fuels. </li></ul></ul></ul><ul><ul><li>Joint Venture between the Petromoc and South Africa’s Cofasoma to build a $125 million ethanol plant with production of 60 million litres/year. </li></ul></ul><ul><ul><li>Malavalli Power Plant Private Limited and CVC Infrastructure India will invest US$1 billion over 10 yrs to build 7 bio-power plants in the country. </li></ul></ul><ul><ul><li>PLUS-listed ESV Group plc in May 2006 acquired 11,000 hectares plantation in the Inhambane province </li></ul></ul><ul><ul><li>TSX-listed Energem in August 2007 acquired 70% of a Jatropha project (60,000 ha) in the Gaza province. </li></ul></ul>
  16. 16. Industrial Sector Strength <ul><li>Improving infrastructure: </li></ul><ul><ul><li>Major ports of Maputo and Beira are privately run by consortia led by European companies, with tenders forthcoming for the northern port of Nacala. </li></ul></ul><ul><ul><li>Beira Corridor and Nacala Corridor provide excellent road/rail connections to land-locked countries. Public investment on roads is expected to double to $1 billion over 2008-2010. </li></ul></ul><ul><li>Private sector has also invested in the industrial sector: </li></ul><ul><ul><li>The industrial sector has grown significantly following the commissioning in 2000 of the US$1.3 billion Mozal aluminium smelter outside Maputo. </li></ul></ul><ul><ul><li>Fuel pipeline from Mozambique’s southern port of Matola to Nelspruit in South Africa will be concluded by 2009. </li></ul></ul><ul><ul><li>CVRD has proposed a coal mine in Tete province. </li></ul></ul><ul><ul><li>Nokia services all of southern Africa from its office in Mozambique. </li></ul></ul>
  17. 17. Bio-diesel and Jatropha Market and Technology
  18. 18. Bio-diesel: Introduction <ul><li>Bio-diesel is an alternative fuel that can be : </li></ul><ul><ul><li>Made from any fat or vegetable oil by a standard process called transesterification (which essentially removes glycerine) </li></ul></ul><ul><ul><li>Used in any diesel engine with few or no modifications, including vehicles and boilers (domestic and commercial) </li></ul></ul><ul><ul><li>Blended with diesel at any level (e.g. 5% blend is known as B5) or used in pure form (B100) </li></ul></ul><ul><ul><li>Distributed using today's infrastructure </li></ul></ul><ul><ul><ul><li>B100 is available at many regular service stations across Europe </li></ul></ul></ul><ul><li>In the United States, bio-diesel is the only alternative fuel to have successfully completed the Health Effects Testing requirements (Tier I and Tier II) of the Clean Air Act (1990) </li></ul>
  19. 19. Bio-diesel: Introduction <ul><li>Engine manufacturers warranty the use of bio-diesel: </li></ul><ul><ul><li>Most North American carmakers warranty up to B5 level </li></ul></ul><ul><ul><ul><li>warranty coverage up to a B20 level is offered by select manufacturers under specific conditions </li></ul></ul></ul><ul><ul><li>Most European carmakers sell models that can use up to B100 </li></ul></ul><ul><ul><ul><li>Volkswagen allows most of its diesel models to use B100 </li></ul></ul></ul><ul><ul><li>“ Flex-fuel” vehicles are becoming more popular </li></ul></ul><ul><ul><ul><li>in Brazil, they have a more than 70 percent share of the (non-diesel) vehicle market </li></ul></ul></ul>
  20. 20. Environmental Benefits <ul><li>Bio-diesel: </li></ul><ul><ul><li>Reduces emissions of carbon monoxide by 50% and carbon dioxide by 78% on a net lifecycle basis </li></ul></ul><ul><ul><li>Contains fewer aromatic hydrocarbons </li></ul></ul><ul><ul><ul><li>benzofluoranthene: 56% reduction </li></ul></ul></ul><ul><ul><ul><li>benzopyrenes: 71% reduction </li></ul></ul></ul><ul><ul><li>Reduces particulate emissions by around 50% </li></ul></ul><ul><ul><li>Is considered biodegradable and non-toxic </li></ul></ul><ul><li>The US EPA currently estimates that the use of biodiesel represents a 67-78% reduction in greenhouse gas emissions in comparison with petroleum-based fuels </li></ul>
  21. 21. Health Benefits <ul><li>Bio-diesel : </li></ul><ul><ul><li>Reduces particulate emissions which improves quality of air </li></ul></ul><ul><ul><li>Reduces targeted compounds linked to cancer: PAH, nPAH </li></ul></ul><ul><ul><li>Biodiesel blends did not generate any unexpected new hydrocarbon species </li></ul></ul><ul><ul><li>Significantly reduces the mutagenicity of exhaust in both the gaseous and particulate phases </li></ul></ul>
  22. 22. Bio-diesel: Market <ul><li>Currently, Europe is the main market: </li></ul><ul><ul><li>EU target: by 2010, bio-fuels to make up 5.75% of fuel used </li></ul></ul><ul><ul><li>Some countries have set higher targets and tax incentives </li></ul></ul><ul><li>But Asia is catching up: </li></ul><ul><ul><li>China, India and other countries are moving aggressively to develop new sources of energy and setting targets for bio-fuels </li></ul></ul><ul><li>And plenty of pent-up demand elsewhere: </li></ul><ul><ul><li>Blending mandates are being adopted across the globe </li></ul></ul><ul><ul><li>More generally: </li></ul></ul><ul><ul><ul><li>2.5+ billion people do not have commercial energy, let alone liquid fuels or electricity </li></ul></ul></ul><ul><ul><ul><li>1.3+ billion people do not have clean drinking water </li></ul></ul></ul>
  23. 23. US and Canada <ul><li>Regulated fleets are adopting use of bio-diesel: </li></ul><ul><ul><li>Almost all US Federal Agencies with a diesel fleet use biodiesel </li></ul></ul><ul><ul><ul><li>Marine Corps, Air Force, Postal Service, Dept of Interior, NASA </li></ul></ul></ul><ul><ul><li>In Canada, many public bus systems use biodiesel </li></ul></ul><ul><li>In US and Canada, 30% of farmers use bio-diesel in their operations </li></ul><ul><li>Tax incentives and mandates (including at state/provincial level) for adoption/production of ethanol and bio-diesel </li></ul>
  24. 24. Global Production <ul><li>In response, production of bio-diesel is surging: </li></ul>
  25. 25. Global Production <ul><li>Bio-diesel and ethanol together provided 2 percent of global transportation fuels in 2004. </li></ul><ul><ul><li>Global production of biodiesel has expanded nearly threefold while production of ethanol has more than doubled since 2000 </li></ul></ul><ul><ul><li>Oil production has increased only 7 percent since 2000 </li></ul></ul><ul><ul><li>Ethanol-related demand increased 44 percent to 100 million tonnes in 2006/07 (International Grains Council) </li></ul></ul><ul><li>Only about 10 percent of the bio-fuel produced around the world is sold internationally </li></ul><ul><ul><li>Brazil accounts for approximately half of this </li></ul></ul><ul><li>The biggest producers—Brazil, the U.S., the European Union, and China—all plan to more than double their bio-fuel production within the next 15 years. </li></ul>
  26. 26. Market Potential <ul><li>Global biodiesel market annual value over $8 billion. </li></ul><ul><li>EU directive stipulates biodiesel to comprise 5.75% of diesel fuel on market by 2010, with proposals to increase this to 10% by 2020. </li></ul><ul><li>Rapidly growing biodiesel markets throughout the world, particularly in Europe and Asia. </li></ul><ul><li>Biodiesel market growth is being driven by : </li></ul><ul><ul><li>environmental concerns </li></ul></ul><ul><ul><li>expectation of high crude oil prices </li></ul></ul><ul><ul><li>national targets for uptake of biodiesel (particularly in Europe) </li></ul></ul><ul><ul><li>tax exemptions and incentives </li></ul></ul><ul><ul><li>growing penetration of diesel-powered cars (now almost 50% of all new vehicles sold in Europe) </li></ul></ul><ul><ul><li>support from car manufacturers for biodiesel blends </li></ul></ul><ul><ul><li>new feedstocks and technologies for biodiesel production. </li></ul></ul>
  27. 27. Bio-diesel feedstocks <ul><li>First generation bio-fuels are in the food chain: </li></ul><ul><ul><li>Corn, soy, canola, sugar cane </li></ul></ul><ul><ul><li>Diverting these to fuel production raises food prices (and the cost of bio-diesel feedstock) </li></ul></ul><ul><ul><li>These are also input-intensive, particularly since annual plants </li></ul></ul><ul><ul><li>Competition for these feedstocks limits bio-diesel production volumes </li></ul></ul><ul><li>The developed world lacks sufficient arable land to meet demand: </li></ul><ul><ul><li>“ In Canada, diverting half of exports of canola to domestic biodiesel production would yield only enough bio-diesel to meet 2.7 percent of current diesel demand” </li></ul></ul><ul><ul><li>Production surge in Europe was not sufficient to meet 2005 bio-fuel target of 2% of market </li></ul></ul>
  28. 28. Second Generation <ul><li>Jatropha Curcas has been widely accepted as a favourite agricultural solution for all subtropical and tropical locations for the following reasons: </li></ul><ul><ul><li>Non-invading plant species </li></ul></ul><ul><ul><li>Does not compete with food </li></ul></ul><ul><ul><li>Toxicity sensed by animals and thus not foraged on </li></ul></ul><ul><ul><li>High yielding (conservatively: 1,000 litres per hectare) </li></ul></ul><ul><ul><li>Very high oil content (as much as 37-42%) </li></ul></ul><ul><ul><li>Oil seed is collected by hand </li></ul></ul><ul><ul><li>Requires only moderate rainfall (approximately 600 mm) and can withstand long periods of drought </li></ul></ul><ul><ul><li>Permanent, uncomplicated crop that does not require annual seedbed preparations and planting after initial planting </li></ul></ul><ul><ul><li>Has low demand on soil fertility and is ideal to replant marginal lands to prevent desertification </li></ul></ul>
  29. 29. Jatropha in Mozambique An emerging bio-fuel super-power
  30. 30. Jatropha Overview <ul><li>Jatropha Curcas is a bush or small tree (up to 5 m height) that is planted as a living fence by farmers all over the world because it is not browsed by animals. </li></ul><ul><li>The plant originates from Central America, from where it was distributed by Portuguese seafarers to other countries in Asia and Africa. Today it is cultivated in almost all tropical and subtropical climates. </li></ul><ul><li>The plant grows well in marginal, eroded land and is resistant to drought. </li></ul><ul><li>The plant is not expected to complete for land that could grow food, nor does it require a lot of water, fertilizers or pesticides. </li></ul><ul><li>The plants are ready for initial harvest within 12-18 months. </li></ul><ul><li>Once planted, Jatropha Curcas does not need replanting. The life span of the plant is over fifty years. </li></ul>
  31. 31. Economics <ul><li>Goldman Sachs identifies Jatropha Curcas as the best source of bio-fuel. Economically, the break-even point for Jatropha Curcas is estimated to occur with oil prices at $43 / barrel. </li></ul><ul><li>British Petroleum has recently formed a joint venture with bio-diesel producer D1 Oils – with the aim to become the world’s leading producer of Jatropha oil by 2011. </li></ul><ul><li>Further upside : Jatropha remains essentially a wild plant. With research efforts now intensifying, its productivity can be expected to increase further. </li></ul>
  32. 32. Attributes <ul><li>Standard technology: </li></ul><ul><ul><li>Biodiesel refined from Jatropha oil complies with international standards, including EN14214 in Europe, the major market for biodiesel. </li></ul></ul><ul><ul><li>Technology and supply of bio-diesel plants are well established and readily available internationally. </li></ul></ul><ul><li>Environmentally sustainable: </li></ul><ul><ul><li>Achim Steiner of UN Environmental Programme (UNEP) recently stated that while most bio-fuels are not sustainable and will lead to food shortages, Jatropha is a sustainable source of bio-fuel. </li></ul></ul><ul><li>Massive increase in popularity is pushing further research into high yield Jatropha varieties and the direct use of Jatropha oil in diesel engines: </li></ul><ul><ul><li>In 2003, a consortium including DaimlerChrysler and the German Investment and Development Company funded a project In India to test the use of Jatropha oil in a Mercedes Benz. </li></ul></ul>
  33. 33. Going Global <ul><li>In 2006, India dedicated 30 million hectares of its 60 million hectare wasteland for Jatropha cultivation. </li></ul><ul><ul><li>The Indian Railways is successfully using Jatropha bio-diesel blended with mineral diesel to power its diesel engines. </li></ul></ul><ul><li>China claims to have 2 million hectares of Jatropha already under cultivation and has announced plans to plant an additional 11 million hectares by 2010. </li></ul><ul><li>Burma, Philippines, and several African countries have also announced plans to plant several million hectares in the near future. </li></ul>
  34. 34. Local Benefits <ul><li>Clean renewable energy for local use </li></ul><ul><li>Jatropha tree sequesters carbon, protects against soil erosion, and combats desertification in marginal areas </li></ul><ul><li>Agricultural diversification: </li></ul><ul><ul><li>Income and employment generation for local populations through the production of Jatropha seeds </li></ul></ul><ul><ul><li>Rural enterprise development such as soap-making </li></ul></ul>
  35. 35. Jatropha Process
  36. 36. The Right Place <ul><li>The government of Mozambique is promoting biofuels , especially Jatropha plantations. </li></ul><ul><ul><li>10-year tax holidays are provided to investors </li></ul></ul><ul><ul><li>Projects have been started to provide independent farmland to private investors (between 1,500 and 4,500 hectares) </li></ul></ul><ul><li>Mozambique has the potential to be a bioenergy super-power: </li></ul><ul><ul><li>Favourable climatic conditions </li></ul></ul><ul><ul><li>Large uncultivated arable and marginal land </li></ul></ul><ul><ul><li>Stable political conditions </li></ul></ul><ul><ul><li>High rate of economic growth </li></ul></ul><ul><ul><li>Ample low-wage workforce </li></ul></ul><ul><li>A significant gap between: (i) perceptions of outsiders about Mozambique, and (ii) the reality on the ground </li></ul>
  37. 37. The Right Time <ul><li>There is substantial momentum in private investments in Mozambique: </li></ul><ul><ul><li>December 2006 – Malavalli Power Plant Private Limited and CVC Infrastructure India committed to an investment of US$1 billion over 10 years to build seven bio-power plants </li></ul></ul><ul><ul><li>May 2007 – PLUS-listed ESV Group plc acquired 11,000 hectares for Jatropha plantation in Inhambane province </li></ul></ul><ul><ul><li>August 2007 – TSX-listed Energem acquired 70% of Jatropha project of 6,000 hectares (with an option to expand to 60,000 hectares) in Gaza province </li></ul></ul><ul><ul><li>Large investments announced in other sectors, with U.S. being the leading source of capital </li></ul></ul>
  38. 38. Barriers to Entry <ul><li>Jatropha based oil is the best and the most sustainable of the bio-diesel technologies available. </li></ul><ul><li>With climate concerns, moderate-high prices of crude oil, and a shortage of biofuel feedstock, Jatropha is lucrative. </li></ul><ul><li>Biodiesel refined from Jatropha oil complies with international standards, including EN14214 in Europe, the major market for biodiesel. </li></ul><ul><li>Jatropha plantations are approaching critical mass as various governments around the world embrace the technology and start large-scale plantations of Jatropha. </li></ul><ul><li>The only significant barrier to entry into the Jatropha biofuel market is availability of sufficient land to ensure economies of scale. </li></ul>
  39. 39. Contact Information <ul><li>For further information on this and other projects, you can contact me </li></ul><ul><ul><li>Junaid Mirza – [email_address] Phone: +1 (416) 915-3120 Mobile: +1 (647) 221-4233 </li></ul></ul>
  40. 40. © 2008 Kijani Energy Inc.

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