South Korean giant eyes biofuel project

Korea-based household products manufacturer, LG International Corporation is considering investing in Papua New Guinea’s biofuel project. Vice Chairman and Chief Executive Bon Joon Koo visited the country in mid-July with executives of the Changhae Group, the largest Korean ethanol manufacturer. The Changhae Group is sponsoring the country’s first cassava fuel project at Launakalana in Central Province. “The LG group is also considering the possibility of investing in the project and the vice-chairman and CEO of LG International Corporation is here on a high-level exploratory visit in this regard,” a statement said. Chairman of the Changhae Group Sung Woo Lim said that due to the current global fuel crisis, the production of biofuel from cassava offered an alternative and cost-effective fuel source. “Biofuels like ethanol are especially suited for developing countries like Papua New Guinea that have the appropriate climate, large tracts of undeveloped land suitable for agriculture and low cost labor pool which will help to produce the biofuel at competitive prices,” he said. (July 20, 2008)