Genting to invest US$3 billion in Indonesia

Genting Bhd, Malaysia’s leading multinational corporation, plans to invest as much as RM11 billion (US$3.12 billion) to set up biofuel plants in Indonesia, executives familiar with the matter said.  Business Times was told that the investment will be made via Genting Biofuels Asia Pte Ltd., a company incorporated in Singapore and 100% owned by Gecoun Ltd. China’s oil major, China National Offshore Oil Co., has also joined palm oil producer PT SMART Tbk and a Hong Kong energy firm to invest RM19 billion (US$5.40 billion) in producing biofuels in Indonesia. (January 15, 2007)