Laos prepares to produce bio-oil for domestic use and reduce imports
The Lao State Fuel Company signed an agreement here on 1 Nov, with GAIA Petro Co., Ltd of the Republic of Korea to launch a biofuel production project in Laos worth US$20 million. The biofuel production project aims to produce 500,000 litres of biogasoline daily.It is expected that the first year will be able to supply about 10 million liters of oil per month. The volume of biofuel will increase by 20% per year from the second year.
Signatories to the contract were the General Managing Director of the Lao State Fuel Company, Mr Sysangkhom Khotnhotha, who is also Asean Council on Petroleum, and the CEO of GAIA Petro Co., Ltd., Mr Kikung Jung.
KPL
