Monday, 1 June 2009

New Philippine-Korea biofuel deals worth $600M signed

Neil Jerome C. Morales
Updated as of 3:18PM, 06/01/2009

TWO LOCAL firms have signed separate deals with two South Korean companies for biofuel production ventures worth $600 million in total, the Agriculture department said on Monday.

The two companies, with the help of their foreign partners, will develop lands for bioethanol and biodiesel feedstock production in various parts of the country.

Bioethanol producer Enviro Plasma, Co., Ltd. and Central Luzon Bioenergy Corp. will put up a 500,000-liter per day bioethanol plant worth $300 million in Clark, Pampanga sourcing the sugarcane feedstock from 46,000 hectares of plantation in Tarlac and Pampanga.

Enviro Plasma has also made a pledge to President Gloria M. Arroyo to build a $175-million distillery and power plant, also in the central Luzon area.

Meanwhile, South Korean biodiesel producer Eco Solutions Co., Ltd. and partner Eco Global Bio-Oils Inc. will invest $175 million to put up a biodiesel plant capable of producing 100,000 liters of biodiesel per day in General Santos City in South Cotabato. The feedstock will be sourced from their 100,000 hectares of jatropha plantation in General Santos City.

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