Business News

Taiwan oil firm signs deal to produce biofuels in Indonesia

Sep 2, 2009, 14:00 GMT

Taipei - Taiwan's state-run Chinese Petroleum Corp (CPC) signed an agreement Wednesday to plant 100,000 hectares of crops for biofuels in Indonesia. The memorandum of understanding (MOU) was signed in Taipei by CPC President Chu Shao-hua and Herman Yosef Loli Wutun, chairman of Induk Kud (Inkud), the Indonesian national co-op for farmers and fishermen. Under the MOU, in the next five years, CPC is due to plant 100,000 hectares of Jatropha curcus in Eastern Kalimantan, and get 350,000 tons of jatropha oil plus 2 million tons of carbon credits, which is 20 per cent of CPC's annual carbon dioxide emissions. CPC agreed to grow Jatropha curcus in Indonesia for 50 years. Jatropha curcus is a drought-, pest- and disease-resistant plant that can grow almost everywhere. The plant's seeds contain up to 40 per cent jatropha oil, which can be made into biofuel.

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