MANILA, Philippines – An energy company will still pursue plans of becoming a major biofuel producer even after a partner discontinued interest in investing in the business.

Publicly-listed Basic Energy Corporation (BEC) announced plans to expand its Zamboanga Cassava project in the said peninsula, the same day Metro Pacific Investments Corp. (MPIC) said it “discontinued the consideration of a possible investment or participation in such bio-fuels project of BEC.”

“[The] decision does not affect our plans to put up a fully-integrated ethanol production facility that will help meet the projected rise in RP ethanol demand,” the BEC said in a statement.

To pursue its goals, BEC signed an agreement with Ecomarketfarms, Inc. to expand the Zamboanga project “to jump-start its agricultural operations, and generate initial revenues from the sale of cassava tuber products to food manufacturers,” BEC said in a statement.

The agreement will form a join venture firm which will “further expand and develop its existing cassava plantation in the Zamboanga Peninsula and eventually, supply the feedstock requirements for a 150,000 to 200,000 liters-a-day (lpd) ethanol plant,” the company said in a statement.

The venture will quickly begin generating substantial revenues from the sale of cassava chips for animal feeds and other applications, said Basic Biofuels Corp. President and BEC Director Jose R. Reyes, Jr. – GMANews.TV

Source: http://www.gmanetwork.com/news/story/118456/economy/companies/firm-still-commits-to-biofuel-production-even-as-partner-opts-out