PVB Begins Building $80 Million Ethanol Plant In North Vietnam

HANOI -(Dow Jones)- PetroVietnam Central Biofuels Joint Stock Co., or PVB, has started building an $80 million ethanol plant in northern Vietnam, the government said Monday.

The plant, located in Phu Tho province, 80 kilometers north of Hanoi, has a capacity of 100,000 cubic meters of ethanol a year, the government said in a statement.

Construction of the plant, undertaken by a consortium of Alfa Laval AB ( ALFA.SK), Delta-T Corp. and PetroVietnam Construction Joint Stock Co., will be completed by the end of 2010.

The consortium signed a contract earlier this month with PVB to build the plant at a cost of $60 million.

The plant's output will be used to produce ethanol-blended gasoline for domestic consumption, the statement added.

source: nasdaq