Friday, September 18, 2009, 02:20 (GMT + 9)
Korean scientist Gyungsoo Kim, responsible for perfecting the extraction of bio-ethanol from red algae, and three research fellows are now running initial tests on the potential suitability of the waters at
Kim, CEO at Biolsystems Co Ltd in
The MoU states that 3 ha of land will go to aquaculture testing, 500 ha to seedling plantation and at least 25,000-100,000 ha to aquaculture property -- all of these over 50 years with the option to extend the same by another 25 years. The agreement was drafted by First Secretary of the Korean Embassy Young Joon Kim and Provincial Legal Officer Handel Lagunay.
As well, 60 ha will be made available for employee housing and the plant. This area will come from the consolidated 100 ha that is now completing requirements for its declaration as a special economic zone (SEZ), Aumentado said.
Over 300 jobs will be created for ethanol extraction in the area once Kim's Biolsystems builds the USD 100 million-facility. It will be guarded by province, military and police officials, per the MoU.
The facility will be used also to conduct research and development on more efficient cultivation methods, in particular for the algae species that provide a higher yield, and to carry out farming and marketing strategies. It will run in an environmentally responsible fashion so as to leave the area's ecotourism appeal intact.
Kim said he will train locals in deep-sea red algae Eucheuma cottonii farming and drying to speed up the process.