Mexico's KUO, Repsol create joint bioenergy firm in Mexico
(ADPnews) - Oct 29, 2010 - Mexican industrial group Kuo (MXK:KUOB) and Spanish oil and gas company Repsol YPF (MCE:REP) signed an agreement yesterday to create a joint bioenergy company in Mexico called Kuosol, with an initial estimated investment of USD 80 million (EUR 57.6m) until 2014.
The new firm, to be owned equally by Kuo and Repsol, will develop 10,000 ha (24,710 acres) of jatropha curcas plantations in the eastern Yucatan state to produce and commercialise 44 million litres (11.6 million gallons) of oil a year, a raw material for biodiesel.
The company will also build a 16 MW steam and electricity cogeneration plant to be fuelled with jatropha curcas biomass.
The project is expected to start industrial production in 2013, after the development of the plantations.
(USD 1.0 = EUR 0.720)
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