Filed under: Biodiesel
Oil giant Chevron has invested in a new 20-million gallon per year / 75.7 million litre per year soybean oil biodiesel production plant in Galveston, Texas. Plans are already underway however to increase production initially to 60 million gallons and then 110 million gallons over the next year.
Chevron owns 22 percent of the $10 million plant which is run by BioSelect Fuels. BioSelect has said that to be successful in the long-term, the plant will have to move away from expensive food crop feedstocks to cheaper nonfood crops with higher energy potential, such as castor beans or Chinese tallow trees.
Analysis: It's good to see big oil have a go with biofuels. A new biodiesel plant is a whole lot cheaper than developing a new oil field (are there any new oil fields left?), the trick, as always, is to get the feedstock for the right price.
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