TEL AVIV, Israel, March 3 /PRNewswire/ -- Netafim, the world's leading company in providing smart water solutions for agricultural, through its Peruvian subsidiary, has entered into an EPC agreement with Maple, under which Netafim will provide engineering, procurement and construction of a drip irrigation system and become the exclusive supplier of smart irrigation solutions for Maple's sugar cane project to be constructed and operated in Peru. The project, spanning close to 8,000 hectares of land in Northern Peru, will include cultivation of sugar cane crops intended for the production of electricity and ethanol. The project is expected to be completed by 2010. The transaction is valued at approximately US$22 million.
According to the agreement signed by Netafim Peru, Netafim is set to become the exclusive provider of its proprietary equipment and irrigation solutions to the Maple's project.
As a result of a combination of stable weather patterns throughout the year, the scarcity of rainfall and the relative availability of water, sugar cane is rapidly becoming one of the principal crops cultivated in Peru.
Netafim is highly active in South America and has recently expanded its activity in Peru.
Ofer Bloch, President and CEO: "Netafim's unique and proprietary smart water solutions enable optimized conditions for cultivating sugar cane intended for the production of ethanol."
Sources in the company noted that: "Netafim believes this to be the first in a series of large-scale bio-fuel cane projects which Netafim expects to materialize in the near future."
About Netafim:
Netafim is the global leader and the largest company providing smart water solutions for agriculture. The company's main activity focuses today on large- scale irrigation projects, greenhouses and bio-fuel crops. The company's sales for 2008 exceeded 600 million dollars.
Netafim is a global company with business interests in over 110 countries. It operates through its 35 subsidiaries and 13 production sites around the world. The company employs more than 2.300 employees. The Company is owned by 3 kibbutzim (Hatzerim, Magal and Yiftach) and the Markstone and Tenne Funds. The CEO and President is Ofer Bloch and the Chairman is Reuven Behar.
About Maple Energy
Maple Energy plc is an integrated independent energy company, listed in London and Lima, with assets and operations in Peru engaging in numerous aspects of the energy industry, including:
-- Exploration and production of crude oil, natural gas and natural gas
liquids.
-- Refining, marketing and distribution of hydrocarbon products.
-- Gas-fired power generation and power transmission.
-- The development of an ethanol project.
Contact:
Yaniv Rosenberg
Netafim P.R.
+972-50-4488962
yaniv@rcspr.co.il
