Chevron secures crude jatropha oil contract from Mission

By Luke Geiver | February 22, 2011

Chevron Technology Ventures is exploring the use of crude jatropha oil (CJO) as feedstock for renewable diesel, and the energy giant will use CJO supplied by Mission NewEnergy Ltd. Chevron will initially use 3,000 gallons from the Australian-based company. “We understand upon successful completion of tests that Chevron is interested in long-term supply agreements,” said James Garton, president of Mission NewEnergy, in a statement on the supply agreement.

Mission NewEnergy believes that over the next 30 years the existing acreage under development by the company’s contracted farmers could produce roughly 22 million barrels of CJO. “As one of the largest nonfood, sustainable biofuels feedstock companies, Mission is well positioned to address the shortage of sustainable feedstock either for production of biodiesel, renewable diesel or as a renewable fuel for power plants,” said Nathan Mahalingam, Mission NewEnergy CEO.

Although the company is currently under an SEC quiet period before a NASDAQ listing and unable to comment on the recent contract with Chevron, the company has remained active. The company has created an office in San Antonio and appointed Major General Wilbert D. Pearson (USAF-Ret), the former vice president at Lockheed Martin where he worked on the F-35 Joint Strike Fighter, to chairman of its Advisory Board. Pearson said that the Mission approach is “particularly efficient and effective,” and that it will help employ those living in poverty. “In these challenging economic times, the far lower cost per barrel produced without government subsidy is remarkable and will benefit all Americans,” Pearson said. 

 

 
 
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