The terms of the contract were not disclosed, but according to JatrophaBioJet, “in general, the quantity ramps quickly to five million barrels per year”.
Mitch Hawkins, JatrophaBioJet Chief Executive Officer, says: “We believe this is by far the world’s largest source contract dedicated exclusively to aviation bio-jet fuel and is a milestone in the process of providing bio-jet fuel to the aviation industry. It also represents a major step for our company in achieving our goal of providing 30 million barrels of bio-jet fuel annually.”
Both JatrophaBioJet and Abundant Biofuels expect demand for aviation biofuels to exceed 200 million barrels annually. Currently, the world’s annual consumption of conventional jet fuel (excluding military) is about 2 billion barrels.
The International Air Transport Association has stated that it wants 10% of jet fuel to come from biofuels by 2017.
JatrophaBioJet is a collaboration between Abundant Biofuels Corporation, South Pole Carbon Asset Management and Mitch Hawkins & Co Inc.