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Kibo Energy PLC on Tuesday said its South African waste-to-energy project will potentially create new revenue stream from synthetic oil for the group.
The Galway, Ireland-based company with energy projects in Africa and UK has decided to potentially introduce additional revenue to its 2.7-megawatt plastic-to-syngas power plant, which sits within the 65%-owned Sustineri Energy (Pty) Ltd.
The waste-to-energy power project was first announced back in February last year.
‘This potential new revenue stream involves the production of synthetic oil from non-recyclable plastic waste in addition to the production of electricity from syngas, which promises significant added benefits to the project,’ the company said.
Kibo said it had already determined the technical and commercial viability of synthetic oil production through the current project design.
It is now conducting a comprehensive integration study to determine the full technical, operational and financial impact to the project in terms of construction, commissioning and, most importantly, ultimate profitability and investment returns.
‘The potential introduction of this significant development to our first South African waste-to-energy project has great potential for investors, the company and South Africa’s highly challenging energy sector,’ Chief Executive & acting Chair Louis Coetzee said.
Kibo shares shaved off a quarter of their value at R 0.03 each in Johannesburg on Tuesday morning, but they up 4.8% to 0.13 pence each in London.
By Artwell Dlamini, Alliance News reporter
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