GEORGETOWN, Guyana (GINA) -- Minister of Agriculture Dr Leslie Ramsammy announced at the opening of a bioethanol demonstration plant in Guyana last Tuesday that two foreign investors are eyeing investment in bio-energy production in the Canje Basin.
Minister of Agriculture Dr Leslie Ramsammy
The minister disclosed that, over the coming weeks, one of the investors is expected in the country to commence working on a feasibility study for the production of bio-fuel, which is made by converting materials derived from biological sources into energy.
Ramsammy said that this group of investors, who hail from Malaysia and China, have spent the last 12 months in discussion with the ministry, identifying possible projects in the Canje Basin.
He said that the ministry agreed to sign a memorandum of understanding (MoU) for the group to begin the feasibility study and the technical team is expected to visit soon in this regard. The team will spend a week in Guyana.
The group is mainly interested in palm oil for bio-fuel production, and in the production of a specific nutritious crop production, Ramsammy said. The latter is intended mostly for niche export, he said.
Meanwhile, with regard to the other investor, who is from India, Ramsammy explained that an MOU has already been signed for this investor to begin a feasibility study on 12,000 plots in the Canje Basin. He said this group is looking at sugar cane and palm oil production, and has requested 100,000 acres of land, which will be agreed to, depending on the development of the project.
The development of bio-fuel has become increasingly popular because of rising oil prices and the need for energy security.
It is to this end that Guyana recently commissioned its first ever bio-ethanol demonstration plant. This commissioning, Ramsammy said, signals the start of the agro-fuel revolution in the country.