PetroChina, Holly Group to develop biofuel  

PetroChina will team up with Holly Group, a private company in Zhejiang province, to develop biofuel. Holly Group is engaged in producing cassava to make ethanol. It has bought about 100 hectares of land to plant cassava and its first-phase project, with a production capacity of 300,000 metric tons, has won preliminary approval from the National Development and Reform Commission. The cassava produced will be sold to PetroChina for ethanol production. Holly Group has set itself a target to make 7 billion yuan (US$1.03 billion) from selling cassava. (August 17, 2010)