Pacific Bio-Fields OK’d for 400,000 hectares of coconut biodiesel in the Philippines

In the Philippines, Pacific Bio-Fields Holdings announced that it has received approval to cultivate 400,000 hectares of unused public land in Luzon for coconut biodiesel production. The company said that the Philippine government has give the company rent-free usage of the land for up to 50 years as a part of the deal.

The company has proposed an IPO that will raise up to $52 million that will be used for coconut tree planting. The company will commence crushing in August, and will initially produce 2,000 tons of oil per months, and will ultimately have 90 Mgy in biodiesel capacity.  The Japan Bank for International Cooperation is assisting with project finance.

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