Bangchak Petroleum to invest $65M in ethanol acquisitions

In Thailand, Bangchak Petroleum will invest $65 million to buy two ethanol plants during the next year. The company will stop producing 95 octane gasoline in 2012 and is looking for other businesses to offset the loss of $3.2 million in annual revenues.

Though it had originally planned to invest in greenfield ethanol production, it decided against the idea as it has no experience in ethanol. The company also expects to export ethanol countries such as China and Japan.

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