Basic Energy, Chevron in possible biofuel supply partnership

MANILA, Philippines- Biofuels maker Basic Energy Corp. is partnering with Chevron Philippines (Caltex) for the possibility of supplying 25 to 50 million liters of bioethanol a year to the fuel retailer. In a statement, Basic Energy said it has signed a memorandum of understanding with Chevron to undertake a study to determine the feasibility of the possible supply agreement. Basic Energy said the results of the study would help determine the terms and conditions for the supply contract with Chevron. The company said it has signed a similar agreement with another oil retailer, Pilipinas Shell Petroleum Corp., late last year. - GMANews.TV