The MOU which would have partnered Metro Pacific and Basic Energy to biodiesel bioethanol refineries in the Philippines has been cancelled by the former after some due diligence study of the proposed venture.
In a written disclosure to the Philippine Stock Exchange, Metro Pacific said:
“After an evaluation by MPIC of the biofuels project of BEC and BBC, a decision has been arrived to discontinue the consideration of a possible investment or participation in such biofuels project of BEC”
If the partnership had pushed through, Metro Pacific would have majority control over the operation.
Some sectors forecast Ethanol production as a sunrise industry in the Philippines with the passage of the Philippine Biofuel Law last year which mandates the mixture of a certain percentage of ethanol in gasoline sold at the pump as well as biodiesel in petrol based diesel.
Basic Energy can be considered a pioneer in the Biofuel market in the Philippines by having a P2.8 billion bioethanol project in Zamboanga del Norte which consists of a 10,000 ha sugarcane farm and bioethanol distillery which can produce 200,000 litres of bioethanol/day.
[source]
Category: Bioethanol
