Chevron forms new business unit to pursue biofuels opportunities

Chevron forms new business unit to pursue biofuels opportunities

Singapore (Platts)--1Jun2006

Chevron has formed a biofuels business unit to advance technology and
pursue commercial opportunities related to the production and distribution of
ethanol and biodiesel in the United States, the major announced Wednesday.
The biofuels business unit will operate within Chevron Technology
Ventures, a corporate subsidiary dedicated to identifying, developing and
commercializing emerging energy technologies.
"Biofuels are a growing component of the world's energy base and will be
an active part of Chevron's efforts to help diversify the world's energy
supplies," Donald Paul, Chevron's vice-president and chief technology officer,
said in a statement.
In the US, Chevron currently blends about 300 million gallons of ethanol
per year into gasoline.
Earlier this month, the company took a 22% stake in Texas-based Galveston
Bay Biodiesel. GBB is building a biodiesel production and distribution
facility in the Texas port city of Galveston, near Houston, slated for
completion by the end of 2006.
GBB will have initial biodiesel production of 20 million gallons/year
with the capability to expand to 100 million gallons/year output.

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