Medco to produce biofuel in Papua
Thursday, October 15 2009 - 09:44 AM WIB
Energy firm PT Medco Energi International plans to develop a food and energy estate in Merauke, Papua to meet the growing needs for the commodity.
The Merauke Integrated Food and Energy Estate (MIFEE) will be developed upon one million hectares of lands with an estimated investment of US$1 billion.
?The precise amount of investment will become clear after we make a study,? Medco?s Chairman Hilmi Panigoro said on Thursday.
Crops for biofuel will be planted on half of the lands and the firm will hire technology and human resources from Brazil for biofuel production. The planned estate is expected to be able to produce 50,000 barrels of ethanol per day, according to Hilmi.
The project will be financed with equity and loan, he added. (Bernard)