Eastern Petroleum Corp (EPC) announced that they are planning to finance their ethanol processing plant in Isabela province by a syndicated loan worth $30 Million.
The ethanol plant is to be developed by their subsidiary, Eastern Renewables and Fuels Corp (ERFC). The plant is targeted to produce 30 million liters a year of ethanol and will use cassava as a feedstock. The company plans to start its construction next year and finish by 2012.
EPC had already signed a long term contract with Guanxi Estates Corp of China to export ethanol to them. ERFC boasts that they can harvest 40,000 kgs of cassava and produce up to 6,000 liters of ethanol per hectare.
A few years back, EPC announced that they were planning to put up an ethanol distillery worth $30M in the province of Sarangani in Southern Mindanao.
[source]
Category: Bioethanol, Financing
