Malaysian, Davao companies to go into joint venture for jathropa plantation
A Malaysian and a Davao-based company are set to enter into a multimillion joint venture agreement to produce biodiesel fuel from jathropa (tuba-tuba), an official of the local firm said in the sidelines of the BIMP-East ASEAN Growth Area investment forum Tuesday.
Antonio Vergara, president of the Davao City Multi-Culture Development Corporation, said they have scheduled agreement signing in December and would proceed with planting operations in January 2008.
He said the state-owned Palm Oil Industrial Cluster (POIC) Sabah Sdn Bhd would take charge of providing equipment and financing while the local firm on plantation expertise in the 60-40 ownership joint venture.
Vergara, a former city councilor, said they have an initial capitalization of P35 million for a 1,000-hectare plantation.
He said the joint venture would plant jathropa to an area covering at least 60,000 hectares in the Marilog and Paquibato districts in upland Davao City. Read the rest of the report on MindaNews.com.
Sir
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