hi all

i just read this
Several foreign investor groups are interested to participate in the ethanol projects of publicly listed Basic Energy Corp, according to a high-ranking official of the company.

The official, who declined to be named, said investors from South Korea, Guam, Middle East, Australia and Canada have approached them and inquired about their ethanol projects, which are worth P6 billion.

"They could come in as strategic investors and invest directly to the company or enter at the project level. There are several options available to them," the official said. "It is crucial that the corporation secures the necessary equity funds within 2008 since the ethanol projects will require two years to be completed."

Basic intends to put up two fully-integrated facilities that are capable of producing 200,000 liters of ethanol per day. The project, which is slated for completion by 2010, will be partly funded by a planned follow-on offering by the company.

Originally an oil and gas exploration company, Basic is diversifying into the ethanol business in line with an expected surge in demand for the product starting next year, when a 5-percent blend of the biofuel into gasoline will be mandated.

The company has forged several agreements with foreign corporations to pursue the development of alternative and renewable energy in the Philippines.
as of 10/27/2008 4:46 PM

i guess government alternative for fuel is becoming fruitful in the long run