Chevron enters ethanol and biodiesel
Posted: 05 June 2006
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Chevron said it has formed a biofuels business to produce and distribute ethanol and biodiesel in the United States. The unit will operate within Chevron Technology Ventures, a subsidiary dedicated to identifying, developing and commerci alising emerging energy technologies.
Donald Paul, Chevron’s vice president and chief technology officer, said: “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. Chevron's capabilities and experience in producing and distributing high-qu ality fuels make us ideally positioned to pursue opportunities in this sector as it expands.”
Chevron currently blends about 300 million gallons of ethanol per year for use in gasoline blends in the US. In January, the company announced it is participating in an E85 demonstration project with the state of C alifornia, General Motors and Pacific Ethanol. The project will study performance, efficiency and environmental issues over a one-year period using C alifornia-formulated E85, a renewable fuel comprising 85 percent ethanol and 15 percent gasoline.
Earlier this month, Chevron announced its investment in Galveston Bay Biodiesel. This Houston-based company is constructing a biodiesel production and distribution facility in Galveston, scheduled for completion by the end of 2006. The facility will have the potential to produce 100 million gallons per year of this clean-burning renewable fuel – an amount that would more than double biodiesel production in the U.S. which totalled 75 million gallons in 2005.
GBB will produce biodiesel from soybeans and other renewable feedstocks and is expected to have initial production of 20 million gallons per year. GBB has the option to sell pure biodiesel or biodiesel blended with off-road or on-road diesel into marine, commercial, trucking and industrial markets in the Galveston and Houston metropolitan areas.
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