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DJ PetroVietnam to invest $80M
to build first ethanol fuel
plant
Friday, August 22, 2008
HANOI, Vietnam - PetroVietnam Oil Corp., or PV Oil, a unit of state-owned PetroVietnam, has started to build an $80 million plant to produce ethanol fuel in Phu Tho province, a company official said Friday.
It will be the first in Vietnam, and is expected to produce 100,000 metric tons of ethanol a year from sugarcane and cassava, the official said.
The ethanol plant is expected to begin operating in the fourth quarter of 2009, with all of its product to be used in the domestic market, he said.
Phu Tho province, which is around 100 kilometers north of Hanoi, has allocated 35,000 hectares of land for the crops, he added.
© 2008 Dow Jones & Company, Inc.
Source: Dow Jones Newswires
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