South Korea to invest $21.8 mn in eco-friendly energy
South Korean government and local firms plan to invest 20 billion won ($22 million) to develop more economical and eco-friendly fuel until 2010, as part of an effort to face surging oil prices, Seoul's energy ministry said on Monday.
By Agencies |
SEOUL: South Korean government and local firms plan to invest 20 billion won ($22 million) to develop more economical and eco-friendly fuel until 2010, as part of an effort to face surging oil prices, Seoul's energy ministry said on Monday.
The investment focuses on developing biofuels and natural gas hydrates, which can be used as an alternative to oil, which has set records above $90 a barrel in recent weeks. The government will be responsible for a 11.3 billion won investment, while local companies including No 2 refiner, GS Caltex Corp, and SK Engineering and Construction, will provide the rest, the ministry said in a statement.
Biofuels such as bio-butanol and bio-to-liquid diesel can be used as alternatives to gasoline and diesel, while natural gas hydrates are cheaper than conventional liquefied natural gas (LNG)
The investment focuses on developing biofuels and natural gas hydrates, which can be used as an alternative to oil, which has set records above $90 a barrel in recent weeks. The government will be responsible for a 11.3 billion won investment, while local companies including No 2 refiner, GS Caltex Corp, and SK Engineering and Construction, will provide the rest, the ministry said in a statement.
Biofuels such as bio-butanol and bio-to-liquid diesel can be used as alternatives to gasoline and diesel, while natural gas hydrates are cheaper than conventional liquefied natural gas (LNG)
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