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Uniting on a P6-billion Ethanol Project in Malaysia
PHILIPPINES - A P6-billion ethanol project is being formed as a collaboration between Basic Energy Corp., formerly Basic Petroleum Corp., and Metro Pacific Investments Corp.According to ABS-CBNNews, the two companies are currently assessing plans for a joint venture company that will engage in the production of ethanol and other alternative fuels.
The news agency reports that a due diligence study is now being conducted by MPIC, which would likely take a controlling stake in the joint venture, said Basic Energy president and chief operating officer Oscar de Venecia Jr.
De Venecia said they would initially put up two bioethanol plants at a cost of P3 billion each. The total amount would be funded through a combination of debt and equity.
The first plant would be built on a 22-hectare property in Zamboanga and is slated for completion by early 2009. The plant will have a capacity of 150,000 liters of ethanol per day or 40 million liters a year.
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