Itochu to pursue Philippine ethanol project

Japan’s Itochu Corp. is pushing through with its planned US$120 million integrated ethanol facility in the Philippine province of Isabela, after securing financing from local bank Banco de Oro (BDO). Itochu General Manager Kenichi Hisatomi said the joint venture was awaiting certification from the Philippine Economic Zone Authority before it starts construction. The planned project will be undertaken by a Filipino-Japanese joint venture called Green Future Innovations (GFI). According to Hisatomi, the joint venture expects to finish construction of the ethanol plant, which will be using sugarcane as feedstock, by 2012. (November 21, 2010)