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Seaoil plans IPO

Seaoil Philippines Corp. plans to launch an initial public offering (IPO) this year or early 2008 to raise funds to build an ethanol plant. The plant, which is expected to cost about Php1.2 billion (US$24.80 million) will have a daily capacity of 100,000 liters, according to Seaoil President Glenn L. Yu. The plant will be ready for commercial production by 2009, he said. (January 30, 2007)