Philippines-UK biofuels project to start up in Q3

29 May 2007 10:55  [Source: ICIS news]

SINGAPORE (ICIS news)--The $1.3bn biodiesel project between the Philippines’ PNOC-Alternative Fuels Corp (PNOC-AFC) and the UK’s Natural Resources Group Chemical Engineering is expected to start up two to three months from now, a PNOC-AFC official said on Tuesday.

 

The project, which includes a 3.5m tonne/year biodiesel plant a 350,000 tonne/year ethanol unit and jatropha plantations, will be located in Mindanao, south of the Philippines, he told ICIS news.

 

The two companies signed a memorandum of understanding (MoU) last Wednesday in which Natural Resources detailed a $1.3bn (€962m) investment into the Philippines’ biofuels sector, PNOC-AFC, a subsidiary of state-owned Philippine National Oil Co said.

 

The MoU, which is the single largest investment seen by the country’s biofuels’ sector yet, is expected to lead to a joint venture (JV) between the two companies, the official said.

 

($1= €0.74)

By: Jeanne Lim
+65 6780 4359

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