Oil firm subsidiary turns to biomass
Caraga Renewable Power, a subsidiary of Eastern Petroleum, is investing $70 million (€52.5 million) to build a new biomass power plant in Butuan city, the Philippines.
According to reports, the new plant will use woodchips to generate 20MW of renewable energy. The feedstock will come from industrial tree plantations in Agusan del Norte and Agusan del Sur, in addition to other plantations as well.
Work on the project is due to get underway next month, with Eastern Petroleum's chairman and CEO quoted as saying: 'The plant site in Butuan City is on final validation which will be decided this September to pave the way for necessary permitting.'