(ADPnews) - Dec 7, 2010 - Chile's energy ministry officially launched on Friday a CLP 6.836 billion (USD 14.2m/EUR 10.7m) project for the production of biodiesel from micro algae in the northern region of Antofagasta.
The project will be developed by the consortium Algae Fuels, which includes local power utility E-CL (SCL:EDELNOR), fuel distributor Compania de Petroleos de Chile Copec, Chile's Pontificia Universidad Catolica and local firms Rentapack and Boscan.
The project, to be developed within five years, includes the installation of a pilot plant in Mejillones city, where the consortium will cultivate micro algae for biodiesel production.
The energy ministry will finance 67% of the above-mentioned investment.
(CLP 100 = USD 0.208/EUR 0.157)