US$60 million for first ethanol production project in the north

US$60 million will be allocated for the building of the first bio-ethanol plant in the northern region.

The agreement to this effect was signed by the chemical and bio-fuel oil and gas joint stock company (PVB), the PetroVietnam Construction Joint Stock Corporation (PVC), Alfa Laval (India) and Delta T in Hanoi on June 10.

Accordingly, PVB will be the chief investor of the plant, which will be built in Tam Nong Dictrict, Phu Tho province, with a total investment of US$80 million.

Once completed by the end of 2010, the plant is expected to produce 100,000 cubic metres of ethanol annually, using modern technology and cassava and sugarcanes as source materials.

The plant aims to produce bio-fuel at a low-cost to provide additives for petrol production that limit CO2 emissions. It will also generate jobs for local workers and help farmers to improve their living conditions.

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