A South Korean company is expected to invest about 210 million U.S.
dollars in the Philippines for the development of jatropha, a source
of raw material for making bio-diesel, a local daily newspaper
reported on Wednesday.
The 210-million-dollar investment from Korea Technology Industry Co.
Ltd. (KTI) will come in the next two years, based on a memorandum of
understanding (MOU) it signed on Tuesday with PNOC- Alternative Fuels
Corp., a subsidiary of state-owned Philippine National Oil Co. (PNOC),
the Philippine Star reported.
The MOU would allow the two firms to form a joint venture to undertake
the jatropha development, according to the report.KTI will
specifically invest 150 million U.S. dollar for 75,000 hectares of
jatropha plantation within two years in the tropical Philippines.
Sixty million dollars will be used for the establishment of a 300-ton
capacity biorefinery by 2009, the report said.
The state-owned Philippine firm would be in charge of earmarking the
land for commercial plantation and development of jatropha, it added.
The PNOC-AFC is established by the Philippine government to develop
biofuels and other alternative energy systems that would reduce the
country's heavy dependency on traditional oil and gas.Currently the
oil from Jatropha curcas seeds is used for making bio-diesel fuel in
Philippines. The country has passed a law on promotion of using
bio-fuel.
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Posted By Webmaster to Jatropha News Around the Globe at 8/10/2008 09:05:00 AM
