Eterindo to acquire two oil palm plantations
Publicly listed bio-diesel producer PT Eterindo Wahanatama will spend Rp206.45 billion ($22.8 million) this year to acquire oil palm plantations in East and West Kalimantan, Asia Pulse reported.
The acquisition will be financed with funds raised from the sales of its shares worth Rp180.14 billion ($19.63 million) in chemical company PT Petrowidada and shares valued at Rp108.33 billion in PT Eternal Buana Chemical Industries, a company official said.
Company president Immanuel Sutarto said his company needs at least 24,000 hectares of oil palm plantations to supply feedstock for a bio-diesel factory with an annual capacity of 120,000 tons.
PT Anugerah Inti, a subsidiary of Eterindo, has an annual production capacity of 30,000 tons of bio-diesel and 20 tons of specialty plasticizer. The bio-diesel capacity will be expanded to 100,000 tons by the end of 2009.
The company also has a bio-ethanol plant and part of the fund will be used to expand its capacity.
The acquisition will be financed with funds raised from the sales of its shares worth Rp180.14 billion ($19.63 million) in chemical company PT Petrowidada and shares valued at Rp108.33 billion in PT Eternal Buana Chemical Industries, a company official said.
Company president Immanuel Sutarto said his company needs at least 24,000 hectares of oil palm plantations to supply feedstock for a bio-diesel factory with an annual capacity of 120,000 tons.
PT Anugerah Inti, a subsidiary of Eterindo, has an annual production capacity of 30,000 tons of bio-diesel and 20 tons of specialty plasticizer. The bio-diesel capacity will be expanded to 100,000 tons by the end of 2009.
The company also has a bio-ethanol plant and part of the fund will be used to expand its capacity.