Wednesday, May 22, 2013
PUBLICLY-listed Aboitiz Equity Ventures (AEV) announced it entered into a joint venture agreement with UK-based company GazAsia Ltd. to build and operate plants to produce liquid bio methane to be used by vehicles.
An estimated investment of $150 million will be poured into building the plants over the next five years, AEV chief executive officer Erramon Aboitiz said on Monday.
Aboitiz said they ventured into it because they are considering projects that are sustainable and good for the environment. He said the undertaking intends to convert methane gas obtained from organic waste into its liquid form to replace the use of diesel in the transportation industry.
“This would benefit bus companies and those which large fleets of vehicles because we will be using a cleaner fuel than we have today at a cheaper cost,” he said.
Aboitiz said the new project will also be beneficial to Cebu’s planned Bus Rapid Transit system.
GazAsia will provide the technical know-how, specialized equipment and project management, while AEV will provide the core funding and marketing of the fuel.
Organic waste
The project will be undertaken by Aseagas Corp., the joint venture company of AEV and Gazasia. GazAsia has built in the UK an operating plant that produces liquid biomethane fuel, which sources methane energy from landfills or organic waste.
The construction of the facility is reported to start this year.
AEV logged consolidated revenues of close to P81 billion in 2012, 13 percent higher than 2011. It’s consolidated net income stood at P24 billion translating to an earnings per share of P14.33 percent, higher by 13 percent in 2011 levels. source
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