Globes. Israel-based Galten Biodiesel has signed a NIS 225-million (US$60-million) contract to supply 60,000 of Jatropha oil to Finland-based Neste Oil, the producer of NExBTL renewable fuels, beginning in 2014.
Galten operates its first Jatropha plantation in Ghana.
Galten chairman Doron Levy said, “60% of vehicles in Europe are fuelled by diesel and European regulations require 20% of diesel vehicles to be fuelled by biological fuels by 2020. Forecasts see this year's European biodiesel market worth $40 billion. Signing a letter of intent with a giant Finnish company is a substantial stage in Galten establishing itself as a major supplier of vegetable oil to Europe’s biodiesel industry.”
Galten’s shares rose 1.1% on the TASE on the news.