ChemrezTech sees exports to triple by 2011

MANILA, Philippines - Biodiesel, resins and oleochemicals producer Chemrez Technologies Inc. expects half of its revenues in the next three years to come from the exports market that will likely triple to P2.33 billion by 2011, chief operating officer Dean A. Lao, Jr. said. Based on 2008 financial results,ChemrezTech said exports cornered 15 percent of the consolidated revenues at P700 million. Along with the biodiesel, its other products such as resins, colorants and specialty chemicals are all leading in their respective markets but ChemrezTech is bent on protecting its market share. Building on coconut oil-based chemicals export markets, ChemrezTech will continue to develop new product applications especially with the use of pioneering process technology that drove its export volume by 55 percent last year. As ChemrezTech sees export of additives and colorants as well as other green chemicals to continue growing, Lao said the listed company would also sell more biodiesel amid strong competition and oversupply in the market with the mandated biodiesel blend increasing to two percent from one percent. Lao said the company is also testing environment-friendly pesticides to get a share in the multi-billion pesticides industry currently being controlled by foreign companies. “There is still no Filipino company producing pesticides locally and we see great potential in that business, specially in Mindanao where most agri companies are based," he said.-GMANews.TV