Laos aims to start production of biofuels

In Vietnam, Vietnam Plus reported that the government of Laos is planning to produce biofuels with the aim of reducing reliance on imported fuels.

Recently, the Lao State Fuel Company signed an agreement with Korean oil firm GAIA Petro to launch a $20 million biofuel production project in Laos.

According to the report, GAIA Petro holds a 55% of share of the project, while 22.5% is owned by the Lao State Fuel Company. The remaining 22.5% is owned by local investors.

The joint-venture aims to produce 500,000 liters of biofuels per day. The initiative expects to supply nearly 10 million liters per month in the initial year of operation, according to the report.

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