Ethanol plants in Zamboanga, Bukidnon

Source: IPBee2000 – Philippine Real Estate News

Basic Energy Corp. said a possible partnership with the Metro Pacific Investment Corp. might result in the investment of P6 billion for the construction of two integrated multiple feedstock ethanol plants in Zamboanga del Norte and South Bukidnon.

To date, the MPIC and its technical, legal and financial consultants are conducting a 45-day due diligence on Basic Energy’s ethanol projects.

“If the due diligence results are positive, the parties will then pursue a basic framework for collaboration, cooperation and coordination in the establishment of the joint venture,” the MPIC said.

MPIC earlier signed a memorandum of understanding with Basic Energy and Basic Biofuels Corp. “to assess the viability of establishing a joint venture company” that would engage in the production of ethanol and other alternative fuels.

Basic Energy said the ethanol plants are capable of producing around 80 million liters of ethanol per year.