Korean Firm to Invest in Coco-diesel

NextOil Co. Ltd. (NOC) is expected to form a joint venture with a coconut farming company in the Philippines according to a report by Melody M. Aguiba in the Manila Bulletin.

NOC officials led by Chief Executive Officer Roh Jong Ho told a press conference in the Philippines that it was hopeful about establishijng the company because of the Biofuels Act that was already in place.

"The government is really very positive in the development of biofuel. The market for biodiesel in the Philippines is one of the biggest and most fast-moving biodiesel markets in Asia. It’s a very positive chance for us to invest in the Philippines," the CEO said.

The Bulletin said that NOC is looking to build a plant in an area where there are no biodiesel plants and it will be tapping coconut oil as the main feedstock, but given government approval, it will also use used vegetable oil and jatropha oil.

Mr Ho said the joint venture firm is targeting to export the coconut methyl ester (CME) to Europe, particularly to Germany, Spain, and France.

"There's a proposal from Europe to buy from us that requires us to produce 20,000 tonnes per month. But we can only supply 3,000 tons per month (from its South Korean operations) for Europe," he said.

The company is also set to establish up a biodiesel operation in China.

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