Philippines: Eastern Petroleum in Negotiations With Oversea Partners
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Wednesday, 06 January 2010 |
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Eastern Petroleum is in talks with several oversea partners for the construction of ethanol facilities in the Philippines.
Fernando Martinez, CEO of Eastern Petroleum said “Offers of joint
venture and loans are there.” It is understood that Eastern
Petroleum is in talks with potential South Korean and Japanese
partners. According to Martinez, from the 10 tons per hectare
average when the ethanol was mandated, the current national average for
ethanol plantation was reduced to one and a half hectare.
The Biofuels law also known as Republic Act 9367 mandates a five
percent bioethanol blend into fuel in 2009 and 10 percent blend in
2011. In 2009, the country’s demand for bioethanol was pegged at
300 million liters per day and 600 million liters per day would be the
demand for 2011. Because of this projected demand in bioethanol,
the country needs 15 to 20 plants.
Martinez however said there are only two ethanol plants that are
operating in the country and these are the San Carlos Bioenergy and the
Leyte Agri Corp. Produce from San Carlos, Leyte Agri and Roxol
will be available next year. Martinez said they are now also looking at
Visayas region for possible area of expansion.
PetrolWorld 040110
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