China Agro-Technology Ltd. (CAT) (OTC Bulletin Board: CAGTF) announced plans to build a biodiesel refinery plant in Beihai, Guangxi Province in the People’s Republic of China.
Beginning in the 1Q09, CAT estimates that it will produce a minimum of 80,000 to 100,000 metric tons of biodiesel from Jatropha oil.
"Biodiesel has the highest demand of any commodity in China." CAT Founder & Chairman, Dr. Harry He said. "To meet the 2020 B10 Kyoto Protocol requirement, China needs 12,400,000 tons of biodiesel in 2008. However in 2007, the supply in China was less than 1 million tons."
Beihai is located in the southern part of China, facing Southeast Asia. Beihai Harbor, located at the northeastern bank of Beibu Gulf, is a deep-sea port with the capacity to handle vessels up to 300,000 tons. Beibu Gulf is one of the Central Government recognized Economic Development Zones granted special benefits including discount land purchases, tax incentives and subsidies.
Dr. He added, "because of CAT’s advanced leaf growing technology, coupled with the good suitable land environment, we believe we will be one of the most essential suppliers of Jatropha crude oil. More importantly, however, by being able to produce our own refined biodiesel at the Beihai facility, CAT also will be in a strategically important position in the supply of biofuel. We are currently forming our team of professionals and consultants to execute the plan."
About China Agro-Technology Holdings, Ltd
China Agro-Technology Holdings, Ltd is an ecologically sustainable agricultural technology enterprise that aims at promoting a global reforestation program, generating environmental rehabilitation and serving the acute demands for resource products. CAT is principally engaged in the ecological forestry business and agricultural technology, production and sale of quality seeds and marketing of agro-technology know-how. With the planting of Jatropha, CAT will broaden its revenue sources and increase its role in the biodiesel markets and "going green" efforts. CAT believes that partnering countries could leverage on its genetic engineering plantation technologies to maximize agriculture outputs and generate economies of scale while promoting an ecologically sustainable land environment.
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