Business World Online
Posted on February 03, 2013 10:05:08 PM
EASTERN Petroleum Corp. has entered into an agreement with a tribe in Agusan del Sur for a plantation that will provide feedstock for its planned 20-megawatt (MW) biomass power plant in the province, the fuel retailer said in statement last Saturday.
“Eastern Petroleum, through subsidiary Eastern Renewables Fuels Corp., has entered into a joint venture with the Manobo tribal council in Agusan del Sur for the cultivation of a 10,000-hectare industrial tree plantation to secure the feedstock requirements of its proposed 20-MW biomass power plant,” the statement read.
Eastern Petroleum Chief Executive Officer Fernando L. Martinez said the company targets the start of construction of the $60-million project in third quarter of this year. “We are sourcing the feedstock within the local community and the power plant will take two years to complete. So we are looking at around the third quarter this year to start the construction,” Mr. Martinez said in a telephone interview on Saturday, adding that the project is expected to be completed by 2015.
“Under the partnership, we will bring in the technology and the facilities.
Members of tribe will take part in the cultivation of the land by planting trees, and sourcing wood chips from the plantation,” Mr. Martinez said.
“We are now acquiring the land, and we will spend around $60 million for the whole project,” he added. -- C. A. M. C. Feliciano source
Eastern Petroleum Chief Executive Officer Fernando L. Martinez said the company targets the start of construction of the $60-million project in third quarter of this year. “We are sourcing the feedstock within the local community and the power plant will take two years to complete. So we are looking at around the third quarter this year to start the construction,” Mr. Martinez said in a telephone interview on Saturday, adding that the project is expected to be completed by 2015.
“Under the partnership, we will bring in the technology and the facilities.
Members of tribe will take part in the cultivation of the land by planting trees, and sourcing wood chips from the plantation,” Mr. Martinez said.
“We are now acquiring the land, and we will spend around $60 million for the whole project,” he added. -- C. A. M. C. Feliciano source
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