London, United Kingdom, 10 Aug – ESV, a Ukrainian company based in London, has bought Mozambican firm Inveragro and 11,000 hectares of land in a deal worth US$ 1 million.
ESV announced, via its website, that it has set up a Mozambican subsidiary, ESV Bio-Africa, which will invest in a jatropha plantation. The company said this will be the biggest jatropha farm in southern Africa.
About 700 hectares of jatropha have already been planted, said ESV, and another 1,5000 hectares of the crop will be planted by the end of the year on the company’s plantation in the province of Inhambane.
ESV’s project, situated on a former cotton plantation, will employ 480 people and the first harvest is expected in December, with the process of oil extraction from the jatropha crop expected to begin at the end of 2008.
ESV began its activities in the logistics and trading sectors and is currently re-branding itself as a major supplier of vegetable oil for the fledgling European biodiesel industry. (macauhub)