Planters, Sea Oil
eye 3-in-1 plant
Sea Oil is eyeing a joint venture with sugarcane planters to set up a three-legged factory somewhere in Murcia and Bago that will produce sugar, ethanol and electric power, Enrique Rojas, president of the National Federation of Sugarcane Planters, said yesterday.
Rojas, with United Sugar Producers Federation of the Philippines president Manuel Lamata, Mike Hinojales and sugar mill fabricator/consultant Mike Smith, met with Sea Oil president and CEO Francis Glenn Yu and his son Sea Oil COO Stephen Yu at the Sea Oil main office in Manila on February 19.
“We are doing this for our sugarcane planters,” Rojas said. “This move is geared towards ensuring the sustainability of the sugarcane industry when tariff on imported sugar is slashed down to only 5 percent by 2015 and our domestic sugar will face stiff competition from cheaper subsidized imported sugar.”