Port Moresby (ANTARA News/Asia Pulse) -- Japan-based Cosmo Oil Co Ltd (TSE:5007) is set to invest US$800 million in the development of a starchy crop as raw material for biofuel production in Papua New Guinea, reports The National.

However, the project can only start in another three-and-half years as pre-feasibility studies have to be done for six months to gather necessary data on appropriate crops, raw material and appropriate soil type, after which a three and half years' long full-scale analysis on the chosen raw materials will be carried out.

Crops for analysis included corn, cassava and peanut.


Source:
Business in Asia Today - March. 19, 2009
published by Asia Pulse