In the Philippines, Basic Energy to supply 19 Mgy of ethanol to Pilipinas Shell for blending

In the Philippines, Pilipinas Shell Petroleum and Basic Energy signed an agreement for Basic to supply Shell with 19 Mgy of ethanol for blending.

Earlier this week, Basic Energy announced that it will raise $48 million in a new share offering, with proceeds to fund the company’s biofuels expansion.

Basic Energy recently acquired Zambo Norte BioEnergy which is building a 52,000 gallon ethanol plant that will open in 2009. Philippine ethanol demand is projected to increase to 48 Mgy by 2011 with the implementation of a national E10 mandate.

The Philippines have a B1 and E5 mandate scheduled to go into effect in 2009, rising to B2 and E10 in 2011. Philippine demand for biofuels is expected to rise to 187 million galls of ethanol and 54 gallons of biodiesel by 2011.

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