South Korean JV explores Malaysian market and beyond
Two South Korean companies are joining forces to develop a biofuels plantation in Malaysia by the middle of 2010.
Jusin Cenox (M) Sdn Bhd is the joint venture between Jusin Group and Gaiax Energy that will see the development of a 30,000-hectare cassava plantation in Banggi Island, Kudat.
The cassava will be grown and harvested to produce bioethanol and biodiesel as well as other bioenergy materials.
Lee Sung Ho, CEO for Jusin Group said: ‘We are looking for other available land (but) we will also work with villagers by way of us providing them the saplings, they planting it and we buying back from them.’
Also in the pipeline is a Kudat or Kota Marudu-based plant that will process and store the biofuel.
According to Lee Ki Nam, chairman of Jusin Group, and Gaiax’s chairman Suk Bang Wook, over $100 million (€73.6 million) will be invested in the project initially with a view to increasing this depending on its growth.
Ki Nam said that the cassava would be planted during June and July this year before it is harvested 10 months later. Plans for the processing plant were also said to materialise this year.
Jusin Cenox (M) Sdn Bhd is the joint venture between Jusin Group and Gaiax Energy that will see the development of a 30,000-hectare cassava plantation in Banggi Island, Kudat.
The cassava will be grown and harvested to produce bioethanol and biodiesel as well as other bioenergy materials.
Lee Sung Ho, CEO for Jusin Group said: ‘We are looking for other available land (but) we will also work with villagers by way of us providing them the saplings, they planting it and we buying back from them.’
Also in the pipeline is a Kudat or Kota Marudu-based plant that will process and store the biofuel.
According to Lee Ki Nam, chairman of Jusin Group, and Gaiax’s chairman Suk Bang Wook, over $100 million (€73.6 million) will be invested in the project initially with a view to increasing this depending on its growth.
Ki Nam said that the cassava would be planted during June and July this year before it is harvested 10 months later. Plans for the processing plant were also said to materialise this year.
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