Shakeup at jatropha pioneer D1 Oils; CEO Mannis, Chairman Oxburgh out

 

In addition to the departure of Mannis and Oxburgh, D1 also announced that non-executive directors Clive Morton and Chris Leaver will step down from the Board today. Leaver will continue as a scientific advisor to D1 Oils.

D1 Oils announced today that current Finance and Commercial Director Ben Good will become the new CEO in addition to his existing duties, and Brian Myerson will become chairman of the company. Myerson is chairman of Principle Capital Group, which owns 27.55 percent of D1 Oils through Principle Capital Investment Trust and Capital General Partner Limited.

The moves come several months after the closure of D1 Oils biodiesel production business in the UK amidst rising feedstock costs. D1 staff had been previously downsized from 154 to 96 since January.

The company continues to own D1 Oils Plant Science, and a 50 per cent stake in a jatropha joint venture with BP.

D1 Oils reported that it has 257,370 hectares of jatropha under cultivation in India, Southeast Asia and Africa under its joint venture with BP.

D1-BP Fuel Crops said recently that it had commenced its first shipments of jatropha oil, delivering 2,000 tonnes recently from its plantations. The company, which cultivates jatropha under co-operative arrangements with local farmers, providing seed and buying crop, said that it aimed to expand to 300,000 hectares by the end of 2008, and to 1,000,000 hectares in the longer term.

The company, which raised $28 million earlier this year to absorb losses from operations this year, recorded a loss of $25 million in the first half of 2008 as two biodiesel plants in the UK were wound down.

The company said in October that it has sufficient cash to fund operations through the end of 2009.

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