ASIDE from bringing in products of Italy’s Agip Lubricants, Veredium Energy Ventures Inc. is looking at importing for the Philippines the next generation of ethanol fuel.
“Besides Agip Lubricant, there are even more exciting things that we can develop in the Philippines’ alternative fuels industry,” Petteri Makitalo, Veredium chief executive, told reporters in an interview.
To date, according to Makitalo, the Philippines’ biofuels industry is highly dependent on food sources like coconut for biodiesel and sugar cane for biodiesel.
Makitalo said second generation ethanol fuel is not sourced on food crops such as coconut, cassava and sugar cane. “But [ethanol] will be sourced from waste, or biowaste,” said the Veredium official, adding “that’s what our company plans to bring in here.”
Makitalo explained that his company would make sure that ethanol fuel from biowaste is feasible in the Philippines. If things go well, he added that a huge amount of investment would be needed to build production facility in the country.
“Currently, we’re in the middle of determining its feasibility,” said Makitalo, adding that every business needs a good business plan.
If that pushes through, he added that the Philippines would have an oil industry that is not dependent on imported crude or food crops but on garbage.
“We hope to finish our feasibility by the first quarter of next year. I really want to fast track this project since it is already a proven technology,” said Makitalo.