HSBC signs agreement with Mission Biofuels

HSBC Bank Malaysia Bhd has signed an agreement with Mission Biofuels Ltd. Group to provide financing to support the latter’s RM200 million (US$59.3 million) biodiesel project in Malaysia. Deputy Chairman of Mission Biofuels, Tan Sri Abdul Razak Ramli, said the company has used RM32 million (US$9.5 million) of the funding to build the first plant, which is undergoing final stages of commissioning. The first biodiesel plant, in Kuantan, Pahang, Malaysia, will produce up to 18 million gallons per year of palm-oil biodiesel which will be exported to Germany under a five-year contract. Abdul Razak said the company would use RM91 million (US$27 million) to build its second plant. (October 26, 2007)