March 27, 2008

Global Energy Finalizes First Stage of Ethiopian Castor Farming Project

Alternative energy developer Global Energy has successfully finalized the first stage of its castor farming project in Ethiopia, to produce non-edible oil for use in the production of biodiesel.

Global Energy in conjunction with its subsidiaries, Global NRG Pacific and Global Energy Ethiopia (GEE), will plant, harvest and produce oil feedstock for the biodiesel industry and for other uses too. GEE expects to commence seeding of castor in April 2008 and harvest the produce between August 2008 and September 2008.

The expected yield of the harvest from 28,000 tons of seeds is approximately 12,000 tons of castor oil. The current commodity price for castor ranges from $700 to $1100 per ton, according to GEE.

GEE noted that it has done the necessary groundwork for an agricultural co-operative in the regions of Waletia and Goma Gofa, in Ethiopia. This includes signed agreements with over 25,000 families, to farm castor on approximately 7,500 hectares of their land.

GEE's operations center is based in Sodo, Ethiopia, and includes a logistics center, computer center and a staff of company-trained agricultural supervisors.