Say that again? 500%! or 572% if you want to penny pinch the final figures. So I was right in saying that the stock market price of the company was not a good barometer of the true value of the company. It was around mid August that the price of the stock went below the P4/share mark. Chemrez initiated a Stock buy back in August and come October there was vindication as the company stock price hit 4.75 yesterday and looks like it is well on its way to breach P5/share.

Its quite obvious from this blog that I am a biofuel fanboy huh?
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A Biofuels Conference entitled: “Biofuels Development in Southeast and East Asia: Policy Issues and Research Agenda,” will be held at the Renaissance Hotel in Makati on Oct 7-8, 2007. Global and regional insights in biofuels development and country papers on the prospects of national biofuels initiatives will be presented by invited resource speakers.

The purpose of the conference according to the organizers are:
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Alsons Consolidated Resources Inc, a member of the Alcantara Group of Companies, has announced plans to construct two ethanol distilleries in the island of Mindanao in the Philippines and also possibly a biodiesel refinery.

The first facility will be put up in Cagayan De Oro and will have an initial capacity of 100,000 li/day. The second facility will be located in Sarangani province in Southern Mindanao.
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PNOC-AFC general manager Clovis Tupas refuted earlier reports that the PNOC-AFC and UK NRG partnership to setup $1B worth of Biofuel Facilities fell through due to UK NRG finding another local partner.

The reason behind the move was because PNOC-AFC failed to meet UK NRG’s requirements. Earlier this week an official from PNOC-AFC, quoted anonymously, said that the said MOU will not push through because of the above mentioned reasons.

Well whether its a go or no go, we’ll find out next week when the two companies meet up to discuss their MOU.

Article here

A ranking official from the Philippine Department of Energy reported to newspapers, on the condition of anonymity, that PNOC-Alternative Fuel Corp and UK NRG’s tie-up for a Biodiesel and Ethanol Processing plant with accompanying feedstock farms will not push through. According to the source it was because PNOC-AFC wasn’t able to meet UK NRG’s requirements that they decided to look for another partner.

As mentioned previously in this blog last May, the Agreement signed by the two firms was:
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