Chevron Philippines to invest $20M in Ethanol Program
Chevron Philippines Inc. (formerly Caltex) will invest some $20 million for its ethanol-related initiatives.
During the launching of its E-10 blended gasoline, Chevron brand manager Dominic Timbancaya said the amount will cover expenses for pipes and tanks for ethanol processing over the next two years.
Local oil firms have been investing capital to comply with the mandated 10 percent blend of ethanol under the Biofuels Act to be carried out in January next year.
If local supply will not be enough, he said the oil companies will be compelled to undertake joint importation to meet their ethanol requirement.
A study made by global management consulting, technology and outsourcing firm Accenture pointed out that biofuels will be a significant part of the global energy mix in the future.
“Although the ultimate scale of the biofuels industry is yet unknown, we believe that biofuels will be part of the future fuel mix and also herald the evolution of a fuels marketplace,” Accenture senior executive of energy industry group Melissa Stark said.
“Our research shows that government policy and technology developments are the biggest uncertainties.
By Donnabelle L. Gatdula, Philippine Star
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