Caribbean Basin Initiative at risk, threatens Jamaica’s biofuel exports to US

In Jamaica, a board member of the Petroleum Corporation of Jamaica warned that both US presidential candidates have said that they expect to redefine the Caribbean Basin Initiative when it comes up for review in 2010, which may threaten Jamaica’s ethanol processing and export business to the US. In addition,  Karl James warned that efforts underway to lift the 54 cent tariff on Brazilian ethanol could also pose a threat to Jamaican ethanol exports to the US. Petrojam Ethanol currently converts Brazilian hydrous ethanol to anhydrous ethanol suitable for US cars and exports to the US. In addition the PCJ said that it was bullish on prospects for obtaining foreign direct investment in its plan to produce 16 Mgy of biodiesel from castor beans.

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