PetroVietnam Sets up Biofuel Affiliate Company
August 8, 2008| |
Four subsidiaries of the Vietnam National Oil and Gas Group (PetroVietnam) have decided to establish a company to produce and distribute biofuels. Located in Binh Son district of central Quang Ngai province, the PetroVietnam Biofuel Joint Stock Company has a charter capital of 45 billion VND (roughly 2.7 million USD). The company will produce ethanol from cassava, which is mixed with gasoline to help the country reduce dependence on fossil fuels and mitigate environmental pollution. The PetroVietnam General Services Joint Stock Corporation (Petrosetco) will contribute the largest part of the capital at 51 percent, while the PetroVietnam Oil Corporation will hold 29 percent; the Binh Son Refining and Petrochemical Co. Ltd., 15 percent; and the PetroVietnam Finance Joint Stock Corporation (PVFC), 5 percent.
For more information, access: http://www.vnanet.vn/Home/EN/tabid/119/itemid/261658/Default.aspx. Contact Hien Le of the Vietnam Biotechnology Information Center for more updates on biotechnology in Vietnam at hientttm@yahoo.com
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