In the face of the soaring conventional fuel prices, here is a lucrative center for bio-fuel industrialists to bank on – its Singapore. The city, Asia’s largest oil-refining center is becoming a hot-bed for bio-fuel market. It is expanding in leaps and bounds.
Talk of the raw material, Singapore is well placed to develop such an industry as it has easy access to palm oil — a key bio-diesel ingredient. It can easily purchase it from its neighbors Malaysia and Indonesia – which together produce about 80 percent of the world’s palm oil supply.
To grab the potential natural resources and market the Asian arm of Germany’s Cremer Gruppe, Peter Cremer (Singapore), plans to set up a bio-diesel production plant in Singapore by May 2007. The $20 million plant will be capable of producing 200,000 metric tons of bio-diesel!
