Potential business operators should consider investing in bio-diesel production to enable the development of the sub sector.
The Director General of the Institute of Scientific and Technological Research (IRST), Jean Baptist Nduwayezu, Friday, said demand outstrips supply.
“Currently, we are able to produce only 2,000 litres per day, but according to our findings, the market is large especially basing on the advantages of using biodiesel to diesel,” said Nduwayezu. He was addressing the media shortly after the institute launched the results of a feasibility study conducted to access the country`s biodiesel development project.
Apart from being cost effective, Nduwayezu said that biodiesel is also environmental friendly as it minimises pollution. The development of the project will in the near future reduce on the cost government incurs in fossil fuel importation.
The government spends about $300 million on fuel importation every year.
“There is need for private investors to get on board and inject funds to procure machinery with the capacity to produce at least 48,000 litres and above daily,” he said.
The institute also launched the Rwanda Biodiesel Company Limited (RBC) whose shares would be publicly floated to further expand the project.
The Biodiesel Project team leader, Dr. Jean Baptiste Nduwayezu, announced that each share would sell for Rwf100,000.
“RBC will ensure that biodiesel development projects comply with the requirements to protect the environment,” Nduwayezu said.
He explained that IRST has so far formed 122 farmer cooperatives to help in producing oil seeds.