Vietnam venture: Biofuels firm makes its first foreign leap

18 Jun, 2008 10:40 / Updated 16 years ago

The Russian state corporation Rostechnologies is to launch production of biofuels in Vietnam. It would be the first foreign project for the company.

The new division of the Biotechnologies state corporation plans to build a bioethanol producing plant together with PetroVietnam and domestic financial group Metropol, acoording to the Kommersant business daily. The plant will produce up to 100 thousand tonnes of bio-fuel annually. Some experts, however, are sceptical about the chances of success for the project, due to the high price of raw materials and the lack of development in the region’s biofuels market.   So far, Russian companies’ dealings with PetroVietnam have been limited to oil and gas.