Prime Infra welcomes Bp investment in WasteFuel Global

By Alena Mae S. Flores

PRIME Infrastructure Capital Inc., a company led by businessman Enrique Razon Jr., on Friday welcomed the significant investment by energy giant Bp in sustainable fuels company WasteFuel Global.

Prime Infra, the infrastructure arm of the Razon Group with operations in waste management, energy and water, has been part of WasteFuel Global since 2021.

Bp’s corporate venture capital arm, bp ventures, announced an investment of $10 million in WasteFuel to develop plants around the world that will convert municipal and agricultural waste into bio-methanol.

“We are proud to be part of WasteFuel Global and to collaborate with industry leaders that tackle waste challenges and drive the decarbonization of the transport sector. 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,” said Prime Infra president and chief executive and WasteFuel director Guillaume Lucci.

Prime Infra earlier formed a 60-40 partnership with WasteFuel to establish a subsidiary, WasteFuel Philippines, to develop bio-refinery facilities in the Philippines.

“Prime Infra’s current waste management business is focused on resource recovery, with plans to convert waste to fuel products through WasteFuel Philippines,” said Lucci.

“These form part of Prime Infra’s decarbonization goals and strategy to deploy innovative technologies to address the Philippines’ waste problem. The objective remains to maximize resource recovery and minimize the amount of waste to be disposed onsite,” he said.

WasteFuel Philippines eyes its first operational sustainable fuels project by 2025.

Bp ventures vice president Gareth Burns said WasteFuel projects aim to help with the growing volumes of global waste while advancing the development of lower carbon solutions for hard-toabate sectors.

Pse Index Closing

Friday, July 7, 2023 -95.23 PTS.

6,379.03

F oreign e xchange r ate Bangko Sentral ng Pilipinas • FRIDAY, JULY 7, 2023

UKPound1.27430070.7823

Hong KongDollar0.1278497.1015

SwitzerlandFranc1.11681962.0348

CanadaDollar0.74855941.5795

SingaporeDollar0.73909841.0539

AustraliaDollar0.66230036.7881

BahrainDinar2.652872147.3564

Saudi Arabia Rial 0.26656714.8067

BruneiDollar0.73637740.9028

IndonesiaRupiah0.0000660.0037

Thailand Baht 0.0284331.5793

Dividend rates per annum on the preferred shares were at 6.7079 percent for Series 4A, 6.7972 percent for Series 4B and 7.0861 percent for Series 4C.

Petron offered the preferred shares to the public from June 15 to June 27, 2023. It listed the preferred shares at the Philippine Stock Exchange on July 7.

The company said it would use the proceeds to redeem senior perpetual capital securities issued in 2018.

Petron tapped China Bank Capital Corp. as sole issue manager and Bank of Commerce, China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp. and SB Capital Investment Corp. as joint lead underwriters and joint bookrunners.

It also engaged First Metro Investment Corp. as selling agent.

Petron posted a net income of P3.4 billion in the first quarter, slightly lower than its net income of P3.6 billion in the same period in 2022 on higher financing cost, which was partly tempered by the mark-to-market valuation of its commodity hedges.

Alena Mae S. Flores

By Jenniffer B. Austria

THE Securities and Exchange Commission on Friday advised the public against dealing with four companies allegedly engaged in unauthorized solicitation of investments.

It issued separate advisories to warn the public against investing in Dairy Farmers of America, Reigns Profit Sharing, PNJS Profit Sharing and Infinity Success Trading.

WESTWOODS GROUNDBREAKING. Pueblo de Oro Development Corp., the residential development arm of the ICCP Group, breaks ground for the Westwoods Storeys—a seven-tower mid-rise condominium project in Barangay Carmen, Cagayan de Oro City. Westwoods Storeys offers studio-type and two-bedroom units in an idyllic property nestled within a protected urban rainforest. Joining the groundbreaking ceremony are (from left) Cagayan de Oro Real Estate Board president Dale Lagonera, PDO vice president and general manager for Mindanao Chrysler Acebu, Cagayan de Oro City councilors Edgar Cabanlas and Malvern Espacia, Home Development Mutual Fund housing relationship officer Jackeylou Asuncion and PDO vice president for sales and marketing Lemuel Branal.

UAE Dirham0.27228715.1245

EuroEuro 1.08910060.4951

Korea Won 0.0007640.0424

ChinaYuan0.1379527.6627

IndiaRupee0.0120830.6712