Argentine firm plans biodiesel plant in Paraguay

25 November 2008 21:37  [Source: ICIS news]

BUENOS AIRES (ICIS news)--Argentine biodiesel producer Oil Fox plans to build a plant in Paraguay, a company executive said on Tuesday.

“The new facility will manufacture castor oil based biofuels,” said Jorge Kaloustian, president of the Oil Fox.

“Oil Fox is mostly recognised for its algae based biofuel projects in Argentina. However, we also have experience on this turf, since we have been growing castor oil plants in the city of Tartagal, located in the northern province of Salta, since 1999,” Kaloustian said.

“The plan is to produce 240,000 tonnes/year of this fuel," he said. “We expect the product to be on the market by July of 2009."

The project should cost $50m (€39m).

The company plans to meet with investors to help fund the project, Kaloustian said.

Already, Oil Fox has had meetings with the Paraguayan government.

In addition, one of the partners in the project include Jose Luis Chilavert, a Paraguayan soccer star.

($1 = €0.78)

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By: Cristina Kroll
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