Wednesday, August 22, 2007

Korean firm to invest in jathropa plant in RP

Korean company is set to ijels Corp. (PNOC-AFC), has agreed to invest $150 million initially for 75,000 hectares of jatropha plantation over the said period.

The company will spend $60 million to put up a 300 metric ton refinery that will process jatropha, a known biofuel source.

Peter Abaya, PNOC-AFC president, said the joint venture will promote the exploration and use of indigenous, new and renewable energy sources in power generation in a bid to reduce dependence on imported energy.

Under the deal, PNOC-AFC, the government’s alternative fuel arm, will own 20-percent stake in the project with no liabilities and other financial obligations except to provide 75,000 hectares of land for commercial plantation and development of the plant.

KTI is a publicly listed company with investments in several industries, primarily energy plants and bioenergy.
--Euan Paulo C. AƱonuevo - Manila Times

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