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Manila Bulletin devider Business devider Trade & Industry devider BP subsidiary invests $10 M in WasteFuel

BP subsidiary invests $10 M in WasteFuel

Published Jul 7, 2023 07:34 am
bp ventures, the venture capital business unit advancing the net zero goal of multinational energy firm BP, is injecting $10 million into WasteFuel Global, a subsidiary of Razon-led Prime Infrastructure Capital Inc. With the investment, Prime Infra reiterated in a press statement that WasteFuel is eyeing commercial operations of its first project by 2025, targeting the aviation and shipping sectors as its core clients. According to Gareth Burns, vice president of bp ventures, their company viewed the investment paradigm of WasteFuel in light of “the growing volumes of global waste, while advancing the development of lower carbon solutions for hard-to-abate sectors.” He primarily cited the "decarbonization strategy" currently being advanced for the shipping industry as a come-on proposition to their company; noting that such initiative will be “a step-change, and biofuels have a key role to play in helping the industry to decarbonize.” It was in 2021 when the Razon group first announced its WasteFuel investment plan, which was then initially designed to convert one million tons of municipal waste into 30 million gallons of low-carbon synthetic crude oil annually. The company previously indicated that its biorefinery will be sited in Luzon, but the specific site has not been revealed yet by WasteFuel. Conversion of wastes into usable fuel, including those for applications in the transport sector, is considered a sustainable investment strategy that will not only tackle the distressing dilemma of waste management, but it will also have positive impact on the environment. Nevertheless in the Philippines, this is an investment space that has yet to find its viable place across the genre of energy solutions being pushed not just by the government, but also by private sector players. Guillaume Lucci, president and CEO of Prime Infra and Director of WasteFuel, echoed that “BP’s investment in alternative fuel technology is a significant step in decarbonizing the shipping industry and in shaping the future of a more sustainable maritime transportation,” The Razon group executive qualified that “Prime Infra’s current waste management business is focused on resource recovery, with plans to convert waste to fuel products through WasteFuel Philippines.” He added that the business plan will form part of Prime Infra’s “decarbonization goals and strategy to deploy innovative technologies to address the Philippines’ waste problem.” Aside from targeted fuel production from waste, Prime Infra is also into renewable energy (RE) ventures for solar farm and hydropower facilities; and one of its subsidiaries is also the operating-entity of the depleting Malampaya gas field.

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sustainability Prime Infrastructure Capital Inc. Enrique Razon aviation shipping
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