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Sinopec to invest $5 bln on Indonesian biofuel project

China Petroleum & Chemical Corp (Sinopec) will invest $5 billion to develop biofuel from crude palm oil and jatropha curcas oil in Papua and Kalimantan.

Sinopec will team up with local company PT Puri Usaha Kencana to build factories and plantations, chairman of the National Team for Vegetable Fuel Al Hilal Hamdi said. Hamdi said implementation of the project could start this year. Meanwhile, Bronzeoak from Britain also plans to invest $270 million to produce ethanol from sweet sorghum. Bronzeoak will cooperate with the Satria Group to build a factory and plantation in the regency of Belu and Central Timor in East Nusatenggara. The Sampoerna Group plans to break the ground to mark the construction of an ethanol plant in Wonogiri, Central Java, before the end of the Q1 of this year. (Trading Markets)