Oilsource forms JV with Abundant Biofuels to produce jatropha biodiesel in Colombia

In Colombia, Oilsource Holding Group has formed a joint venture with Abundant Biofuels to produce jatropha-based biodiesel in Colombia. The joint venture plans to plant 100,000 hectares with jatropha curcas, in an investment program totaling $45 million.

Recently, a study by the University of Wisconsin-Madison Nelson Institute for Environmental Studies ranked Malaysia, Thailand, Colombia, Uruguay and Ghana as the best developing nations for biodiesel investment, citing stability and agricultural potential as major factors.

Luis Alberto Moreno, the President of the Inter-American Development Bank, speaking at the Americas Conference in Miami, said “there is no region that can gain more from biofuels than Latin America and of climate change is a big risk.”

Moreno projected a 4.5% GDP growth for Latin America in 2007 and 2008, down from 5% in 2006, but he said that “The result of good macroeconomics is that many Latin Americans to the verge of joining the middle class.” He said that the pending trade deals with Colombia, Panama and Peru will have tremendous impact in Latin America.

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