news/updates
Singaporean firm puts up jatropha business venture
By RAMR
BussinessWorld
November 28, 2007
SINGAPOREAN FIRM D1-BP Fuels Crops Asia Pacific Pte. Ltd. has earned the nod of the Securities and Exchange Commission to form a Philippine corporation that will engage in the production of a biofuels crop.
In the new company's articles of incorporation, D1-BP Fuel Crops Philippines, Inc. will engage in activities relating to jatropha and any other non-edible fuel crops, plants or feedstock, including growing, cultivation, manufacturing, processing, trading, marketing and logistical activities.
An indigenous oil-bearing plant, jatropha is locally known as tuba-tuba. It has been found to be a good potential source of biodiesel.
"As an export enterprise, the applicant undertakes to export at least 60% of its total output as indicated hereunder and commits to submit [a] report of such export to the Board of Investments as required by the Implementing Rules of Republic Act 7042 as amended," D1-BP Fuel Crops Philippines said in its application to do business under the Foreign Investments Act of 1991.
D1-BP Fuel Crops Philippines will have an authorized capital stock of P18.4 million divided into 184,000 shares with a par value of P100 each.
D1-BP Fuels Crops Asia Pacific will own 99.99% of D1-BP Fuel Crops Philippines as it subscribed to 179,053 shares amounting to P17.91 million.
Two British investors, Patrick Harold O'Leary and James Douglas Edward Alliston, subscribed to one share each along with Filipino investors Roderick R.C. Salazar III, Philip Sigfrid A. Fortun, Gregorio Y. Narvasa II, Mirzi C. Chua, and Charisse C. Corales.
The D1-BP Fuel Crops Ltd. Web site shows that the company is a joint venture between BP and D1 Oils Plc., formed last month.
The new company will have its principal office at the One San Miguel Condominium at the Ortigas Center in Pasig, documents filed with corporate regulators showed.
Founded in 2002, D1 Oils Plc. was listed in the London Stock Exchange in 2004.
"The partnership aims to make more sustainable biodiesel feedstock available commercially through the planting and cultivation of Jatropha curcas, a low-cost, sustainable biodiesel feedstock. The partnership combines D1 Oils' unique experience in the plant science and commercial planting of jatropha for the production of biodiesel with BP's commercial strength, fuels technology expertise and access to major international fuel markets," the company Web site said.
The joint venture will focus on the cultivation of jatropha in Southeast Asia, Africa, and India, expecting some one million hectares to be planted over the next four years, and an estimated 300,000 hectares per year thereafter.
D1-BP Fuel Crops said it aims to have the first jatropha oil feedstock available as early as 2008.
"Jatropha oil produced from the plantations will be used to meet local biodiesel requirements as well as for export to markets such as Europe, where domestic feedstock is unlikely to meet anticipated regulatory led demand for biodiesel of around 11 million tons a year from 2010," it added. — RAMR
