The Philippines’ GreenGold Ray Energies Inc. aims to double its jatropha crude oil output by 2011 by increasing jatropha plant yields and expanding land dedicated to Jatropha curcas plantations.

GreenGold Ray Energies is banking on jatropha oil being the next generation fuel, replacing crude oil, gasoline, and diesel. Green Gold Ray Energies intends to expand its jatropha plantations from 5,000 hectares to over 30,000 hectares in 2009. The company is currently planting jatropha in the large Philippine island of Mindanao. Jatropha can be processed into high-quality biodiesel that can run a standard diesel engine. Residue from biodiesel production can be processed into biomass that can be fed into power plants to generate electricity.

GreenGold Ray Energies has jatropha crude oil and refined oil processing plants in the works. The management board has already determined that there is a greater demand for crude oil refining, so that plant will be installed first. The crude oil plant is expected to be installed in early 2010. The crude oil plant will be purchased by the Pure Biodiesel Refinery unit from Switzerland, and the sales contract will be signed after an ocular inspection in July.

GreenGold Ray Energies says that only a month after being planted, the company’s 3-hectare demonstration farm in CARAGA already has rapidly growing Jatropha curcas plants. A significant trait of jatropha is its ability to grow almost anywhere, including gravelly, sandy, and saline soil. The company used only organic fertilizer in the demonstration farm. The demonstration farm is a precursor to 197 hectares of land being planted with jatropha that is situated on ancestral lands owned by the Bukidnon Tribal Cooperative in Libona. GreenGold entered into another working alliance with the cooperative last week. GreenGold intends to acquire lands to grow jatropha through working alliances and joint venture partnerships with landowners and growers.

GreenGold Ray Energies Inc. currently has offices in Corpus Christi, Texas in the US and in Cagayan de Oro City in the Philippines. The company will soon move its Philippine offices to Butuan City, close to its future Nasipit Refinery Site. GreenGold Ray Energies Inc. is listed on the OTCBB as GRYE. Its stock jumped 36.36% on the June 16 trading day, closing at $0.03.


-  Mike R. Lopez

Sources:

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¹ Market Wire
² http://www.greengoldenergies.com