• Monday, May 27, 2024
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Oguta Lake partners US firm to invest $50m in Imo biodiesel plant

Oguta Lake partners US firm to invest $50m in Imo biodiesel plant

Oguta Lake Amishi Ventures (OLAMV) in collaboration with Global Green Bioenergy Limited , California USA has concluded plans to plant about 15 hectares of Jatropha Curcas along the banks of Oguta Lake in Oguta Local Government Area of Imo State as part of investment in biodiesel processing plant.

The plantation of Jatropha Curcas, according to the Global Green Bioenergy Limited, California USA and Oguta Lake Amishi Ventures (OLAMV), would also reclaim some degraded environment around Oguta Lake as the Jatropha plantations and processing would also engage in biodiesel export.

In an interview with our correspondent immediately after inspecting part of the farm site along the Oguta Lake with the consultant and members of OLAMV, Cons Ejiogu, a project and content development consultant, who is also consulting for OLAMV, said that the investment was estimated to be $50 million, and it be would be domiciled in Oguta.

According to him, Oguta Lake Amishi Ventures (OLAMV) is a community-led intervention Organisation formed to protect the environment at Oguta because of the effects of carbon emissions and pollution from the oil and gas as well as diesel spillage.

“The warming in this place is higher than any other area because of these gas flaring activities, and other carbon emissions that are going on in the community.

“So OLAMV, in finding a solution on the effect on these emissions, we resolved that the only natural approach to climate change to carbon emissions is planting Jatropha curcas trees which have value and produces biodiesel”, the consultant said.

He stated that apart from protecting environment, the project is a viable project, but noted that neither the Imo State Government nor the Federal Government has attracted a huge investment in Imo as this.

“But through God’s providence, this organization attracted this $50 million project that’s is domiciled in Oguta.

“The American people would come here, they have their equipment , after processing they will refine the diesel and export, and we have their papers which they sent to us. Even they will carry the residue, the waste that will come out, they also said they would also export it.

“And they wanted us to form farmers cooperative , OLAMV and others, those that OLAMV decides to carry along. OLAMV is the umbrella association while those in small scale can come up, so that is the arrangement”, he stated.

He allayed the fears of the American partners, who would come to the State that, “they are not the ones to plant the plants, it is our members, the OLAMV that will plant. So you can see that the level of risk is reduced”.

On the processing of the products, he said, “if the American company, working in collaboration with OLAMV brings the equipment here to train our people, our people can still be producing and sending to them, in case, they do not want their people to stay here, but, Imo has security”.

Meanwhile, the consultant stated that all over the World, “there is insecurity, and that should not discourage investment of this magnitude in Imo, an investment of about $50 million that’s what we want to tell the Americans.

“They shouldn’t be biased because of insecurity. We are willing, ready and able to do it according to their own directions. And with this huge investment, we are expecting, employment creation, getting the carbon credit and products to export.”