Green Diesel
The plant is due to be completed in 2010. It is green in the sense it uses any vegetable oil or animal fat to produce renewable diesel . The source are the rejects from local oil wastes including the market organics waster fats content, which are regularly pumped away.
It is believe that the current slump in palm oil prices may have help the green diesel conversion industries.
Diesel wil be mandatory
The current opec oil price may have slump too, but the green requirements of the western countries and the mandatory use of sustainable energy will boost the biodiesel use for the long term. The project will therefore be on time and on schedule. Indonesian parliement has proposed that 15 percent of oil be from palm derivatives.
In a ceremony on March 6th. capsule containing a copy of The Straits Times and Finnish and Singapore currency were buried on the site of the plant.
The president of Neste that the local startup will be fully finance by itself, it will not need to borrow from the bank.
Solar Plant in Singapore
Also in a follow up story, the neigbour Norway's Renewable Energy Corporation (REC) has started building its estimated $6.3 billion solar cell plant here. The CEO Erik Thorsen said the firm was considering about financing for the second phase of the solar plant.The firm had other positive news too, announcing that it plans to hire up to 60 people by the end of this year with 100 for the next year.
Green initiative
The green initiative comes at a time when Singapore is investing the field of renewable energy for r and d in Singapore. So far it has given about $170 million grant for clean energy research and a further investments $1 billion to fund green projects in the budget. It is hoped that the start up will propel Singapore in the field of clean energy in the field of high oil prices in the world.