The joint venture saw Jatoil acquiring a 50% ownership of Indonesian company PT Biodiesel AustIndo, in exchange for 20 mln shares in Jatoil worth USD 4 mln (€2 mln) at the time, Biofuels International reports.
The initial venture included ownership of an Indonesian jatropha plantation, giving Biodiesel Austindo access to a total of more than 600,000 hectares of land for jatropha cultivation.
Under an arrangement with growers, local farmers provided their land and then picked and defruited the jatropha seeds. In return, Biodiesel Austindo provided the farmers with seed and other farming inputs, training and technical support. (15 May 2009)