Eastern Petroleum to set up Philippines ethanol plant
Independent oil firm Eastern Petroleum plans to set up a $30 million (€21.5 million) ethanol plant in Isabela, the Philippines, next year.
The ethanol producing facility has a projected capacity of 100,000 litres a day, or 30 million litres a year, and is expected to come online in 2012.
To fund the project the firm’s subsidiary Eastern Renewables and Fuels has begun enquiring about syndicated loans from local banks.
The plant will make use of cassava as a feedstock, which, according to company studies and assessment, proved to be better that sugarcane.
Eastern Petroleum offers the E10 blend in its service retail stations but has to import its ethanol requirements.
The Biofuels Act mandates all oil companies to pre-blend 5% ethanol in their petrol starting from February 2009, subsequently increasing to 10% by 2011.
The ethanol producing facility has a projected capacity of 100,000 litres a day, or 30 million litres a year, and is expected to come online in 2012.
To fund the project the firm’s subsidiary Eastern Renewables and Fuels has begun enquiring about syndicated loans from local banks.
The plant will make use of cassava as a feedstock, which, according to company studies and assessment, proved to be better that sugarcane.
Eastern Petroleum offers the E10 blend in its service retail stations but has to import its ethanol requirements.
The Biofuels Act mandates all oil companies to pre-blend 5% ethanol in their petrol starting from February 2009, subsequently increasing to 10% by 2011.
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