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KUALA LUMPUR, Oct 26, 2007
HSBC Bank Malaysia has signed an agreement with Mission Biofuels Ltd Group to provide financing to support the latter's RM200 million biodiesel project in Malaysia. Australian-based Mission Biofuels has two wholly-owned subsidiaries in Malaysia. "The tie-up will provide both parties a long-term sustainabiliy and encourage other corporations to consider including corporate social responsibility practices in the running of their business," said HSBC Executive Director/Deputy Chief Executive, Ian Ogilvie, at the signing ceremony Friday. Ogilvie said HSBC would also provide a series of solutions including trade finance, business premises financing, Internet banking and foreign exchange lines to Mission Biofuels to cater to its local and international business needs. Meanwhile, deputy chairman of Mission Biofuels, Tan Sri Abdul Razak Ramli, said the company has used RM32 million of the funding to build the first plant which is undergoing final stages of commissioning. "The plant is expected to make its first export shipment of biodiesel shortly," said he said. Abdul Razak said the company would use RM91 million to build its second plant.
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