Malaysia?s Genting to invest US$3b in biofuel plants in Papua: Report
Monday, January 15 2007 - 01:36 AM WIB
Malaysia?s Genting Bhd, the country's leading multinational corporation, plans to invest as much as US$3 billion (RM11 billion) to set up biofuel plants in Indonesia, executives familiar with the matter said, Business Times reported Monday.
A senior Genting official, who declined to be named, confirmed Genting's plans to invest in biofuel production in Indonesia. Genting's investment in the biofuel industry in Indonesia will be focused near the Papua area.
"Yes, one of the units has signed a cooperation agreement with Papua's Merauke district administration to invest US$3 billion in biofuel production. The investment is expected to be fruitful," said the Genting official.
Business Times was told that the investment will be made via Genting Biofuels Asia Pte Ltd, a company incorporated in Singapore and 100 per cent owned by Gecoun Ltd.
Meanwhile, it is believed that Multi Vest Corp Bhd, alongside several Indonesian parties, has also signed an agreement to build a US$1 billion (RM3.52 billion) biofuel centre in West Kalimantan, where the company has 100,000ha of plantation land.
Recently, China's oil major China National Offshore Oil Co has also joined palm oil producer PT SMART Tbk and a Hong Kong energy firm to invest US$5.5 billion (RM19 billion) in producing biofuel in Indonesia. (*)