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PIA Press Release
2006/10/04

Europeans to invest on energy

By Rose B. Palacio

Davao City (4 October) -- European investors have expressed keen interest in putting in capital in the country's energy sector, according to Energy Secretary Raphael P.M. Lotilla who arrived from an investment mission in Europe.

Secretary Lotilla said European businessmen from Finland, England, United Kingdom and Denmark have expressed their interests on the possibility of exploring renewable energy resources in the Philippines.

European companies want to put up biomass power facilities and wind power plants. Other firms have signified interests to participate in the bidding for the National Power Corporation generation assets.

Within this month, Finland will send a delegation to the Philippines to study the feasibility of doing business in the energy sector. While Denmark is interested in deepening the support for renewable sources of power and is looking at the possibility of working out a carbon credit deal with the Philippines.

Belgium has expressed support to the Philippines' call for the harmonization of standards for biofuels to facilitate better trade and sale of the commodity.

British companies are interested in Philippine oil and gas prospects in the Philippines, Secretary Lotilla said.

The interests of European businessmen are very strong and the Philippines is also encouraging European companies to participate more in the privatization of the generation assets of Napocor.

They are interested in the Philippines as an investment area and more companies are looking at it as a base for expansion, Lotilla said. (PIA-XI) [top]

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