MANILA, Philippines - The Department of Energy (DOE) has given its go-signal to seven biofuel projects with combined investments of over P7 billion.
The biggest in the lineup of new biofuel projects is the P3.4-billion bioethanol facility to be undertaken by Cavite Biofuels Producers Inc. Located in Magallanes, Cavite, the plant is expected to produce 34.4 million liters of bioethanol.
Publicly-listed Chemrez Technologies Inc., meanwhile, will put up a 75-million liter biodiesel facility in Bagumbayan, Quezon City with a total project cost of P650 million.
Another proposed bioethanol project is a 30-million liter facility to be constructed by San Carlos Bioenergy Inc. in Negros Oriental.
Golden Asian Oil International Inc., on the other hand, is establishing a 60-million liter biodiesel plant in Bagong Ilog, Pasig with an estimated investment requirement of P460 million.
A P404-million biodiesel plant will also be put up by Pure Essence International Inc. in Bagong Ilog, Pasig.
Leyte Agri Corp. of businessman Ruben Villanueva is establishing a nine-million liter bioethanol plant in Ipil, Ormoc City for total project cost of P33.6 million.
Rounding up the list is Mt. Holly Industrial Co. Ltd., which will set up a biodiesel facility with a 10-million liter capacity in Lucena, Quezon.
As of end-June this year, the DOE had registered 12 local bio-diesel manufacturers, with a total annual capacity of 395.6 million liters. It would be noted that some P80 billion worth of ethanol-related projects are now in the pipeline.
Data showed that there are about 20 applications for ethanol projects worth P4 billion lodged at the National Biofuels Board (NBB).
Earlier, the DOE said it has received 15 more proposals to put up various biofuel processing facilities.
DOE assistant secretary Mario Marasigan said these projects would raise some P20 billion in new investments for the biofuel industry.
The government is optimistic it would be able to encourage more investors to pour in much-needed capital into the biofuels industry after the passage of the Biofuels Act of 2006.
The biofuels law specifically opens doors for more investments as it mandates a specific blend in diesel and gasoline products sold in the country.