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PetroVietnam sets up biofuel affiliate company
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 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.
The company will produce ethanol from cassava, which is used to mix with gasoline to help the country reduce dependence on fossil fuels and mitigate environmental pollution.
In November 2007, the government approved a biofuel development project until 2015 with a vision through 2025 to produce different kinds of renewable energy and partly replace traditional fuels.
As part of the project, around 250,000 tonnes of ethanol and vegetable oil will be produced to meet 1 percent of the country’s petroleum demand by 2015.
VNA
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