PNOC-AFC official says 'all systems go' for jatropha deal
09/06/2007 | 05:27 PM
An official of the PNOC-Alternative Fuels Corp. on Thursday belied reports that its multi-billion dollar deal with London-based firm Natural Resources Group Chemical Engineering Pte Ltd. has bogged down, after the foreign investor teamed with another local partner.
“We will have a meeting with NRG next week about our memorandum of understanding signed in May this year," PNOC-AFC general manager Clovis Tupas told reporters.
Tupas said this in reaction to news reports that said the $1.5 billion deal to construct a biofuel refinery complex utilizing jatropha as feedstock, has collapsed. On Wednesday, a ranking energy official spoke to reporters under condition of anonymity, and said that the London firm had indeed sought another partner after PNOC-AFC failed to meet its requirements.
The deal, which involves what could be the biggest biofuel refinery and plantation complex in the Philippines is “all systems go," Tupas said. PNOC-AFC and NRG signed the memorandum of agreement detailing the partnership last May.
“NRG has been looking for an investment haven in various countries in the region and they have decided to invest in the Philippines," Tupas added.
He said officials of NRG are flying in this month to meet with them and discuss the developments of the joint venture.
Tupas explained that “PNOC-AFC is very prudent in selecting joint venture partners (JVP) because as a government owned and controlled corporation, there is a process that we need to follow before our projects with our JVPs push through. But it does not necessarily mean that we will let that process delay our plans."
“PNOC-AFC has a roadmap to follow and we believe that we are on the right track," Tupas added.
The MOU signed between PNOC-AFC and NRG in May this year allows the setting up of a local company of which 70 percent shall be owned by NRG and 30 percent by PNOC-AFC.
The joint venture would need about $450 million for a 3.5 million metric ton biodiesel plant, $200 million for a bioethanol factory with a capacity of 500,000 MT and $600 million for jatropha plantations. - Marie Neri, GMANews.TV
“We will have a meeting with NRG next week about our memorandum of understanding signed in May this year," PNOC-AFC general manager Clovis Tupas told reporters.
Tupas said this in reaction to news reports that said the $1.5 billion deal to construct a biofuel refinery complex utilizing jatropha as feedstock, has collapsed. On Wednesday, a ranking energy official spoke to reporters under condition of anonymity, and said that the London firm had indeed sought another partner after PNOC-AFC failed to meet its requirements.
The deal, which involves what could be the biggest biofuel refinery and plantation complex in the Philippines is “all systems go," Tupas said. PNOC-AFC and NRG signed the memorandum of agreement detailing the partnership last May.
“NRG has been looking for an investment haven in various countries in the region and they have decided to invest in the Philippines," Tupas added.
He said officials of NRG are flying in this month to meet with them and discuss the developments of the joint venture.
Tupas explained that “PNOC-AFC is very prudent in selecting joint venture partners (JVP) because as a government owned and controlled corporation, there is a process that we need to follow before our projects with our JVPs push through. But it does not necessarily mean that we will let that process delay our plans."
“PNOC-AFC has a roadmap to follow and we believe that we are on the right track," Tupas added.
The MOU signed between PNOC-AFC and NRG in May this year allows the setting up of a local company of which 70 percent shall be owned by NRG and 30 percent by PNOC-AFC.
The joint venture would need about $450 million for a 3.5 million metric ton biodiesel plant, $200 million for a bioethanol factory with a capacity of 500,000 MT and $600 million for jatropha plantations. - Marie Neri, GMANews.TV
