The new trading firm, Mocoh Sustainable Energy Trading SA, will consist of up 5 traders and sell a range of biofuels including some produced by Mocoh starting with a plant in Nigeria.
"This exciting new development is firmly in line with Mocoh's strategy to diversify into lower carbon commodities. We have been building our capacity to collect and process Africa origin bio feedstocks over the last few years, and so this alliance is a natural next step," Mocoh CEO Guy Hacking said in a statement.
The Geneva-based firm has been trading crude oil and refined products mostly in Africa for the last 25 years. Together with Lagos-based Bioscape, it will start producing biofuel from cashew nut waste this quarter and reach around 5,000 tonnes per year.
The new trading arm will also have flows in Europe and it aims to expand in other African countries and other agricultural and industrial waste flows that can be converted to fuel.
"We are thrilled to combine the strengths and reputation of both companies. MSET will provide customers with efficient and competitive access to the global biofuels/feedstocks market, with a strong focus on African and European origin products," Sebastiaan Phielix CEO of CSET said.
(Reporting by Julia Payne; Editing by Bernadette Baum)
