After venturing into ethanol, Valero Energy Corp. could be looking at getting into the biodiesel business.
As you might remember from this past spring, the petroleum company got into ethanol when it bought five ethanol plants from bankrupted Verasun (see Cindy’s post from April 1, 2009). It’s just a small mention at the end of this story on CNN Money, but this short phrase could be an indication of Valero’s want to expand even more into green energy:
Valero isn’t seriously considering any acquisitions in the refining or ethanol space, he said. However, “we are looking at opportunities in the animal-fat area” as a low-cost biodiesel option, [Chief Executive Officer Bill Klesse] said.
As I mentioned before, Valero continues to grow in renewable energy besides buying the old Verasun ethanol plants, investing in cellulosic ethanol company Qteros (see Joanna’s post from May 18, 2009) and using wind energy to refine its petroleum (see my post from June 29, 2009). If they get behind this latest idea for biodiesel like they have with ethanol, look for Valero to soon become a player in the biodiesel market.