Reports say PNOC unit plans to invest in Cavite ethanol plant

PNOC Alternative Fuels Corp. (PNOC-AFC), which has abandoned its unprofitable jatropha projects, plans to enter the local ethanol industry through a planned investment in the Php3.2-billion (US$74.5 million) facility of Cavite Biofuels Producers Inc. (CBPI) in Magallanes, Cavite province. PNOC-AFC, the alternative fuels arm of state-run Philippine National Oil Co., was reported to be in talks with the project proponents. CBPI is said to be looking at closing the deal within the second quarter of this year and start construction of the 34-millon-liter-a-year facility by June 2012. CBPI and the Cavite Sugarcane Planters Multi-Purpose Cooperative started their joint sugarcane nursery to supplement the existing sugarcane plantations in the third district of Cavite last September 2011. (January 16, 2012)