Hindustan Petroleum in jatropha plantation venture

Mumbai, India-based Hindustan Petroleum has signed a memorandum of understanding with the Chhattisgarh state government and the Chhattisgarh Renewable Energy Development Agency to plant over 15,000 hectares of jatropha, a biodiesel crop.

Under the agreement, Hindustan Petroleum, a government-owned oil refiner and marketer, will hold 74 percent of the joint venture, with the Chhattisgarh Renewable Energy Development Agency holding 26 percent.

The agency, known as CREDA, is a state government body under the country's Department of Energy constituted for the development of renewable energy sources in Chhattisgarh. CREDA will be responsible for obtaining wasteland for the plantation of jatropha from the Chhattisgarh government.

Financial terms of the agreement were not disclosed.

The entire production of jatropha seeds from the venture will be sold exclusively to Hindustan Petroleum, which plans to produce biodiesel and market the product through its network of retail outlets across the state of Chhattisgarh.

Hindustan Petroleum said it has already achieved important milestones in the development of biodiesel through the successful field trial on 25 buses with Brihanmumbai Electric Supply and Transport, Mumbai's public transport and electricity provider.

Hindustan Petroleum is also working with India's G.B Pant University of Agriculture & Technology for experimental cultivation of jatropha and research and development activities.

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