The ETP book which was launched by The Honourable Prime Minister today is composed of detailed action plans which is the outcome of the twelve laboratories in twelve National Key Economic Area (“NKEA”) facilitated by the Performance Management & Delivery Unit at the Prime Minister’s Department (“PEMANDU”) led by Dato’ Sri Idris Jala, Minister in the Prime Minister’s Department and CEO of PEMANDU. The laboratories were undertaken with active participation by the private sector over a two month period to determine key entry point projects and business opportunities that will make Malaysia a high-income, inclusive and sustainable economy by the year 2020.
Premium’s bio oil project for power and transportation fuels was independently evaluated by the Palm Oil, NKEA laboratory to be one of the key projects that Malaysia must pursue to enable it to achieve its target to become a high-income, inclusive and sustainable economy. Details of Premium’s bio oil project can be found in the ETP book under the Palm Oil, NKEA chapter 9 entitled “Deepening Malaysia’s Palm Oil Advantage” as entry point project 7 to “Commercialise Second Generation Biofuels” using oil palm biomass for conversion to bio oil. Entry point project 7 is expected to generate US$1 billion in Gross National Income (“GNI”) in 2020 and would create 1,000 new jobs for Malaysia by 2020. Premium’s bio project is one of the 131 EPPs and 60 business opportunities identified and detailed out under the ETP book.
Premium also announced today that it had entered into an MOU in July 2010 with Felda Palm Industries Sdn. Bhd. (“FPI”), a subsidiary of the Felda Global Group which is one of Malaysia’s largest palm oil producers, to build the first bio oil plant in Felda Sahabat located about 100km from Lahad Datu, Sabah. Premium has recently entered into an Engineering Services Agreement with Envergent Technologies, USA (“Envergent”) in September 2010 for the provision of engineering services for the constructions of the first bio oil plant. Both Premium and FPI aims to enter into a definitive joint venture agreement by December 2010 and plans to start construction of the first bio oil plant by April 2011.
Premium a partner of Ensyn Technologies, Canada (“Ensyn”) will use Ensyn’s proven commercial “Rapid Thermal Process” (“RTPTM”) technology to convert oil palm biomass to pyrolysis oil also known as bio oil for green renewable power generation and by 2014 for conversion to “drop-in” renewable transportation fuels production such as green gasoline, diesel and jet fuel. Envergent is a joint venture company between Premium’s partner Ensyn and UOP-Honeywell, USA (“UOP”) a Honeywell, USA, company (“Honeywell”) to deploy Ensyn’s RTPTM technology globally as well as to develop the complementary technology to convert bio oil into transportation fuels.