ika/iwa, The Jakarta Post - 2007-01-10 11:39
JAKARTA, January 09, 2007 - (JP): A total of 59 energy firms and institutions signed Tuesday Memorandum of Understandings (MoUs) as part of their commitments to invest US$12.4 billion in biofuel in Indonesia.
Among the firms that will invest in biofuel under the MoUs are CNOOC, Hong Kong Energy and Malaysia-based Genting Energy.
Bandung Institute of Technology (ITB), Bogor Institute of Agriculture (IPB), the Research and Development Division of the Ministry of Energy and Mineral Resources are also among the institutions that signed the MOUs.
CNOOC and Hong Kong Energy have commitments to invest $5.5 billion to develop biofuel in Indonesia, while Genting Energy are committed to invest $3 billion.
"This is part of our efforts to promote the use of alternative energy," Head of the Biofuel National Team Alhilal Hamdi said during the MoU signing ceremony.
Asides from the MoUs, banks are also expected to disburse Rp 25 trillion (US$2.7 billion) in loan to finance local farmers that help the biofuel projects. (Ika/Iwa)
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