Veredium eyes bioethanol development in RP

MANILA, Philippines - European-Filipino energy technology firm Veredium Energy Ventures Inc. plans to go into bioethanol development over the next two years, the company’s top executive said.

Veredium president and CEO Petteri Makitalo told reporters over the weekend that they are now holding exploratory talks with a Finnish company that will allow Veredium to develop alternative fuels, specifically those made from biowaste.

“We are now in the process of determining if the project will be feasible. We may enter into a possible partnership. We need to firm up our business plans before venturing into the bioethanol development,” Makitalo said.

He said the company can use its expertise on high energy technology and bring it to the Philippines.

“If we will be able to raise investments and make a sensible business plan, we will likely be putting up facilities to provide alternative fuels,” he said.

He said should the company come up with a feasible business plan, they hope to bring the new technologies on alternative fuels development in the first quarter of next year.

“This will show our commitment to the Philippines.  Being a Filipino company backed with European investors, we believe in the prospects of bringing these alternative fuels technologies here. Our company also adheres to cleaner environment,” he said.

Veredium is the exclusive distributor of Italy’s top engine oil grand Agip in the Philippines. The company’s products are the first and only engine oils in the Philippines and the region to have earned the Green Choice Seal for its strict adherence to stringent technical and environmental standard.

Recently, Veredium said it is confident that the renewed confidence in the Philippine economy will boost the performance of the motor oil industry.

“These are possible signs OFW remittances remain strong, falling inflation rate, and improving exports and construction, as well as the resilience of the local automotive industry – are all poised to stimulate growth across all sectors of the economy. And we at Veredium are all ready to be part of that growth,” Makitalo said.

Public and private vehicle lubricant consumption alone is estimated at 159 million liters a year. The Philippine lubricants market is worth an estimated 384 million liters.

Veredium is an international marketing company based in the Philippines.  It is the preferred marketing partner of established technology companies seeking to distribute and promote services and products in the Asian region.

In the Philippines, aside from being a distributor of Agip lubricants, Veredium is also the first company in the Philippines to introduce and develop market for nano-materials in fuel applications.