Jakarta (ANTARA News) - PT Sinar Mas Agro Resources and Technology (SMART) said it has signed a cooperation agreement with China National Offshore Oil Corporation (CNOOC) and Hong Kong Energy (Holdings) Ltd for the development of 5.5 bln usd renewable energy project.
The company said in a statement that the project will be developed in three phases over 8 years.
Under the terms of the deal, the parties agreed to develop a bio-diesel project, using crude palm oil as the raw material, as well as producing bio-ethanol using sugar cane and cassava as the raw materials.
Local governments in Kalimantan and West Papua have provided about 1 mln hectares of land to support the project, SMART told XFN Asia.
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