Biofuels 88 seeks investors

Biofuels 88, a Philippine company affiliated with independent oil firm Flying V, is looking for foreign investors for its PhP1 billion (US$20 million) ethanol plant to be put up in the town of Mariveles, in Bataan province. Flying V Chairman Ramon F. Villavicencio said, “We are looking for foreign investors to participate in the project. They can help us identify export markets.” Villavicencio added that Biofuels 88 has already been granted tax perks by the Board of Investments for the plant, which will produce 60,000 liters per day of ethanol.  Flying V hopes to lessen the country’s dependence on gasoline imports, which is subject to volatile pricing and supply issues. (Dec. 11, 2006)