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UK Biofuel Firm Agrees $150m Funding for Philippine Project

Description: gazasia UK Biofuel Firm Agrees $150m Funding for Philippine Project

The agreement between Gazasia and Aboitiz Equity Ventures was signed in London today

7 June 2012

London, UK based waste to biofuel specialist, Gazasia is to begin development of a vehicle fuel made from organic waste products from landfill in the Philippines.

The company said that it has signed an agreement with Philippine power, financial services and food group, Aboitiz Equity Ventures (PSE: AEV) that secures $150 million of investment to fund the development of plants to create liquid biomethane from organic waste.

According to Gazasia, vehicle fuel prices in Asia have risen sharply over the last year and are expected to continue rising. Many governments throughout the region are subsidising fuel costs but have insufficient resources to maintain their subsidies indefinitely.

“The impact of higher vehicle fuel prices has been especially severe in South East Asia,” explained Richard Lilleystone, CEO of Gazasia.

“Public transport is essential to the workforce. Rising fuel costs have a direct impact on transport costs and food prices, which of course has the greatest impact on those least able to afford it,” he added.

The company said by cleaning and refining the natural gas produced by organic waste found in landfill sites it can create liquid biomethane- a carbon-neutral, sustainable and high-quality vehicle fuel.

According to Gazasia, in the Philippines, as throughout much of the world, landfill remains the most common means of waste disposal. However, left unmanaged it creates potentially damaging gases, including methane and carbon dioxide.

The company also claimed that the use of biomethane as a vehicle fuel is growing across the world, and particularly in South East Asia, and that it is an economical alternative to oil-based fuels that has a positive impact on air quality

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