China New Energy making progress on Hungarian and Thai ethanol projects

In the UK, China New Energy reports that its projects in Hungary and Thailand are proceeding well. Visontai Bioetanol Fejlesztő Korlátolt Felelősségű Társaság has informed CNE that the 30 million Euro project finance has been agreed with local banks and that CNE should expect to commence the construction of the 150 million liter per year corn-ethanol biorefinery in 2015. CNE will undertake the project in partnership with the Oriental Scientific Instrument Import and Export Corporation (“OSIC) and local construction companies. CNE has an option to acquire 24% of the Viscontai project.

CNE and its partner OSIC designed and constructed a 120 million liter per year cassava-ethanol biorefinery for Ubon Bio Energy (“UBE”), which was opened by princess Sindhorn in 2014. Since opening, the project has won many accolades for the positive impact on the local community including creating 600 jobs at the biorefinery, creating economic opportunities for 10,000 cassava out-growers and reducing the local cost of petrol.

As a result of this, UBE has commissioned a second project from CNE and OSIC. To meet local environmental legislation, UBE is currently conducting an Environmental Impact Assessment (“EIA”) for the new project. UBE has reported to CNE that it expects to gain regulatory approval and commence the project in 2015

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