SEOUL, 27th Aug. 2009 (WAM) -- Kumho Petrochemical Co., the South Jeolla provincial government and a local biotechnology firm agreed to establish an algae bioethanol plant by 2013, Yonhap News reported on Thursday quoting South Jeolla Gov. Park Jun-young as having said.
The agreement calls for Kumho to invest a total of US$176 million to build the facility with an annual production capacity of 100,000 tons of algae bioethanol at an industrial complex in the southern coastal city of Yeosu, some 420 km south of Seoul, host city of EXPO 2012. "We are taking the first step for algae biofuel production, the promising and growth industry in the region," Gov. Park Jun-young said. "Through the agreement, we expect South Jeolla Province will be able to gain the lead in the bioenergy industry."Under the agreement, Biosystems Co. will provide "high-pressure liquefying" technology to convert algae into fuel. The company plans to set up a pilot facility by 2011 to produce 4,000 liters of bioethanol per day with an investment of 20 billion won, according to Yonhap News. Bioethanol, a renewable energy source, is typically produced from sugarcane, switch grass, corn or grain and often blended with gasoline to fuel cars. Algae bioethanol, also known as a third-generation biofuel, can possibly replace petroleum fuel in the near future.
Copyright Emirates News Agency (WAM) 2009.
