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PHILIPPINES: May 24, 2007
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.
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.
REUTERS NEWS SERVICE
