Itochu links with Petrosetco

Japan’s Itochu Corp. and PetroVietnam subsidiary Petrosetco have signed a memorandum of understanding to build a US$100 million biofuels facility. Under the deal, the facility in the Hiep Phuoc industrial park of Ho Chi Minh City will use tapioca chips to make the ethanol and will begin operations in 2009. With 1.2 million tons of tapioca chips annually, Vietnam can produce a minimum of 400 million liters of ethanol, Petrosetco Chairman Tran Cong Tao said. The new factory is expected to meet 10% of the existing E10 demand in Vietnam, Vietnam Investment Review reported. Six other facilities are planned to make fuel using cassava, maize, sugar sediment and rice. (March 13, 2007)