MBT believes that this is one of the largest historic commercial deliveries of CJO. Mission sold and shipped 20 tonnes of the unrefined oil at approximately US$130 per barrel, CIF Europe, representing a 60% premium to the prevailing crude oil prices. Nathan Mahalingham, Mission’s Managing Director, said, “This is an important validation of the acceptance of Missions CJO as being a commercially suitable, non food, premium priced energy oil for the future.”
Mission’s Jatropha operation, yielded its first harvest of Jatropha seeds in 2010. Based on median estimates of 0.62 tonnes of oil per acre, the expected yield ramp and Mission’s 179 thousand productive acres of contract farming, Mission’s supply of Jatropha oil represents more than 20 million barrels of supply over 30 years. The company’s research shows that there is tremendous demand for sustainable crude oils such as CJO for use in energy generation in Europe that currently far exceeds Mission’s expected supply of CJO.
Mission expects to make further sales of CJO or Jatropha based biodiesel after the 2010/2011 harvest season.