World's leader in bio-ethanol production, Brazil is eyeing bio-diesel as the next big innovation in green fuels.
Declining oil prices are not worrying Brazilian & US biofuel investors, looking at the development of world's biggest biodiesel plant located in Sao Paulo, Brazil, according to David DeWind, a top investor in Brazil's in-development biofuel firm Brasil Eco Energia. Oil prices saw new lows recently with price ending below US$ 61/barrel on September 26 2006.
He rated oil as a major player for pushing the world towards biofuels. He said that increase in population has led to increase in oil consumption and therefore, has led to concerns over global warming which is seen as a major factor contributing towards the growth of Biofuel Market.
DeWind, along with his Brazilian & US partners have invested around US$ 273.9 Million in the development of Brasil Eco Energia, world's biggest biodiesel plant aiming to generate over 830 million of biofuel every year.
Biodiesel refers to a mixture of biofuel, generated from biological sources, with normal diesel oil. The new plant will make use of around three and a half million metric tons of soybeans feed stock.
"Contributing about half of the world's bio-ethanol production, Brazil is the world's leading producer of the same, followed by US. Growing at the rate of more than 30% from the year 2006, world Biodiesel production is likely to touch the mark of 12Bn liters by the end of 2010", estimates the report "Biofuel Market Worldwide (2006)" published by RNCOS.
Construction of this plant will begin in Q2, 2007 and is expected to start working by 2008.
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