CNOOC eyes green energy

China National Offshore Oil Corp (CNOOC) plans to be a partner in a US$5.5 billion biofuels project in Indonesia, highlighting its desire to become a green energy leader, the Wall Street Journal reported. The investment would be CNOOC's first in overseas biofuels and would open up a new avenue for growth. The company will work with Sinar Mas Group of Indonesia and Hong Kong Energy (Holdings) Ltd to develop biodiesel from palm oil and bioethanol from sugar cane or cassava. The plan is to develop the projects in three phases over eight years, the newspaper reported. Local governments in Papua and Kalimantan have already reserved around 1 million hectares of land but no details were released on when the project will start or how the investment will be divided.