Malaysian plant to produce palm oil for Japanese power plants
KUALA LUMPUR, Dec. 12 Kyodo - Japanese renewable energy developer Tocoo Corp. is teaming up with Malaysian and South Korean firms to export palm oil to Japanese biomass power plants.
Tocoo signed a three-way deal with Malaysian business jet provider AFJets Sdn. Bhd. and South Korean conglomerate Hyosung Corp.'s Japanese arm Hyosung Japan Co. in Kuala Lumpur on Wednesday.
AFJets CEO Amrul Nizar Anuar told NNA that his firm plans to build three refineries at a $35 million plant with an annual production capacity of 1 million tons each.
Hyosung Japan President Toshiyuki Hasegawa said the three parties aim to win orders for 300,000 tons for a total power generation capacity of 240,000 kilowatts in the first year of the deal from April.
Tocoo CEO Kazuya Nakamura said that palm oil supply contracts with Japanese biomass power plants will begin as early as next month. (NNA/Kyodo)