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Philippines in US$1.3 Billion Biofuels Project |
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| PHILIPPINES: May 24, 2007 | ||
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MANILA - A unit of state-owned Philippine National Oil Co. said on Wednesday it had signed a US$1.3 billion deal with UK-based NRG Chemical Engineering to build biofuel refineries and plantations in the Southeast Asian country.
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The president of PNOC-Alternative Fuels Corp. (PNOC-AFC) told reporters the investment would be spread over five years and would involve putting up a biofuel refinery, at a cost of US$455 million, within the next three years. Peter Abaya also said the companies planned to plant more than 1 million hectares of jatropha, a crop used for biofuels, in the Philippines.
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REUTERS NEWS SERVICE
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