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Singapore's petrochemicals industry got a boost on Wednesday, as two foreign companies announced they would set up biodiesel plants here.
These facilities will be a first for Singapore, and will attract more than S$80 million in investments.
The two biodiesel plants will be built on Jurong Island, Singapore's petrochemicals hub.
The first is from a German family business - Peter Cremer - which has had a trading office in Singapore since the 1980s.
It now wants to venture into producing biofuels and oleo chemicals.
Peter Cremer will initially invest up to S$34 million in the Jurong Island plant, which will have a capacity of 200,000 metric tons per annum.
Most of the products will be exported initially.
John Hall, CremerOleo's global director, said: "We expect our plant to be up and running by the end of quarter one in 2007. This will be the first phase of our development and then within five years, we will have a further two developments, which we hope to do on Jurong Island."
The second biodiesel plant is a joint venture between Wilmar Holdings and Archer Daniels Midland Company.
Wilmar plans to invest S$50 million over time, but did not specify the actual period.
The plant is expected to be operational by the end of next year.
It will have an initial capacity of 150,000 metric tons a year, which can be raised to 300,000.
Both companies say Singapore was selected for their first biodiesel plant in Asia because of its excellent connectivity.
Biodiesel is a growing energy source and is said to be a cleaner fuel than traditional petroleum-based products.
From Singapore, the plants will have easy access to abundant palm oil feedstock from the neighbouring countries of Malaysia and Indonesia.
Also, Singapore hosts major chemical logistics players which can provide terminalling services and shipping to markets around the world. - CNA/ir
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