The Company has signed an MOU with a Romanian company to build an industrial park, clean energy power plant and greenhouse facilities for organic agriculture and medicinal plants in Transylvania, Romania.
PHI Group and the Romanian joint venture partner will enter into a definitive agreement to consummate this transaction as soon as practical. PHI Group is committed to building a 50-MW gas-fired power plant, a minimum of 10 hectares of greenhouses for organic farming and medicinal plants, and an industrial park together with manufacturing and healthcare facilities.
Transylvania region is rich in mineral resources, including gold, copper, natural gas, salt, and sulphur. Stock raising, agriculture, wine production and fruit growing are important occupations. Agriculture is widespread in the Transylvania Plateau, including growing cereals, vegetables, viticulture and breeding cattle, sheep, swine, and poultry.