A unit of state-owned Philippine National Oil Co. has signed a US$1.3 billion deal with UK-based NRG Chemical Engineering to build biofuel refineries and plantations in the Philippines.
The investment will be spread over five years and involves building a US$455 million biofuel refinery within the next three years.
The companies plan to plant over a million hectares of biofuels crop jatropha in the Philippines.
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