Publicly listed Alsons Consolidated Resources announced that they are dropping their cassava based bioethanol project in Cagayan De Oro after a board vote last Friday. The reason given to the Philippine Stock Exchange was because of ambiguities in the Biofuels Act as well as delays in the release of the Environmental Compliance Certificate (ECC) from the Dept of Environment.
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After more than a year, the two sides have finally inked a pact that calls for joint development of the Tamugan River as a hydro electric energy source by Hedcor and as a water supply source by DCWD.
The memorandum of agreement (MOA) was signed at Marco Polo Davao Hotel on Thursday afternoon and was described as “win-win” solution for both parties. DCWD finally relented to Hedcor as the latter had agreed to the formers request to not divert water from the Talomo river and to locate the hydro electric power plant at a lower elevation than the structures of the Davao City Water District (DCWD). Because of this, the power plant of Hedcor will only be able to generate 15 MW of power now instead of the proposed 27.5 MW and they will have to tap the water 400 meters below the surface water development project of DCWD.
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Interesting article from columnist Boo Chanco on why PNOC should be abolished on the event that the 10% Malampaya stake held by its subsidiary, PNOC-EC, is sold by the government in order to finance the government’s debt.
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Otto Energy Ltd, and Australian oil exploration firm announced that they had started oil exploration in Service Contract (SC) 69 that they won from the Department of Energy last May 2008. SC69 is located in the Central Visayas inbetween Cebu, Bohol and Leyte and covers and area of 7,040 sq. kilometers.
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Smith Bell Mini-Hydro Corp (SBMHC) announced that they will build a P180 M mini hydro power plant in Solano, Nueva Vizcaya. This plant will have two turbines that each can generate 900Kw of electricity. The electricity will then be sold to the Nueva Vizcaya Electric Cooperative Inc. (NUVELCO). Operation is expected by December.
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The Vestas Services Philippines Inc. is scheduled to be inaugurated this evening and will eventually hire 200 local employees by 2011 with an initial start this year of 100 hirees. They currently have 25 employees already in their stable.
The site will support Vestas global operations providing backend support for the operation of 11,500 turbines worldwide. Their tasks include surveillance, service desk and programming. Vestas already has similar facilities in Denmark, Singapore and the US.
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