Eastern to invest in ethanol plant

Eastern Petroleum Corporation will invest US$30 million to build an ethanol plant, which is targeted to commence construction by next year, according to Eastern Petroleum Chairman Fernando L. Martinez. Based on the proposed ethanol plants blueprint, the plant will be located in Saranggani province and will produce 200,000 liters per day of ethanol initially. The joint venture deal with partners has already been concluded, he said. (October 29, 2007)