Chevron moving into biodiesel production
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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