Eastern Petroleum plans to form JV in Philippines

Eastern Petroleum Corp., a provider of fuel products, plans to form a joint venture for building ethanol facilities in the Philippines. The company plans to form the new venture with South Korean and Japanese partners by March 2010. “Offers of joint venture and loans are there, the funds are there,” Eastern Petroleum Chairman Fernando Martinez said. He said the firm expects to seal a deal with prospective foreign partners in March. (January 4, 2010)