Business World Online
Posted on June 06, 2012 09:30:48 PM
HOLDING FIRM Aboitiz Equity Ventures, Inc. has inked a partnership with a London-based firm for the construction of $150 million worth of factories in the Philippines that will extract transportation fuel from organic waste.
Various bank officers are seen touring the site of a 17.5-megawatt biomass power plant set to rise in Mina, Iloilo. Aboitiz Equity Ventures, Inc. plans to put up similar projects. -- www.green-power-panay.com
“Aboitiz Equity signed a memorandum of agreement with Gazasia Ltd. to formalize their intention to jointly develop, construct, and operate plants that will convert organic waste material into carbon-neutral, sustainable and renewable fuel for vehicles in the form of liquid biomethane,” a disclosure to the local bourse yesterday showed.
The deal was forged in London during an official visit by President Benigno S. C. Aquino III, and will entail the creation of a joint-venture firm called Asea Gaz Corp., a statement from Malacanang read.
Under the agreement, Gazasia -- a waste-to-fuel solutions firm -- will offer technical expertise, specialized equipment, and project management while Aboitiz Equity will provide core project funding and regional market access in the country, the disclosure added.
Profit-sharing scheme and the plant locations have yet to be finalized in a definitive agreement that will be soon signed by the two parties, the company said.
Earlier, the Aboitiz Equity’s swine production and animal feeds unit, Pilmico Animal Nutrition Corp. (formerly Fil-Am Foods, Inc.) had announced plans for a biogas system on its Tarlac farm facilities.
Last month, food and beverage firm Universal Robina Corp. similarly signaled its entry into biogas after its shareholders approved changing the company’s incorporation articles to allow it to venture into ethanol fuel production, which in turn will complement Universal Robina’s existing sugar business.
Aboitiz Equity shares rose by 0.10% to P49 apiece yesterday. -- Franz Jonathan G. de la Fuente source
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