press release

Bioselect and Chevron Unveil Fully Operational Biodiesel Plant in Galveston, Texas

BioSelect and Chevron Develop One of the First Large-Scale Biodiesel Production Facilities in North America

SAN RAMON, Calif. and HOUSTON, Texas, May 29, 2007 -- BioSelect Fuels LLC, a division of Standard Renewable Energy LLC, and Chevron Technology Ventures, a division of Chevron USA, unveiled their biodiesel plant in Galveston, Texas today. The plant is one of the first large-scale biodiesel production facilities in North America and is now producing clean-burning biodiesel from renewable resources.

Galveston Bay Biodiesel, LP (GBB) is the initial project of BioSelect Fuels, a Houston-based developer and operator of biodiesel facilities. The facility will initially produce 20 million gallons of biodiesel per year and has the capability to expand operations to produce 110 million gallons per year.

U.S. Senator Kay Bailey Hutchison, U.S. Representatives Ron Paul (14th district of Texas) and Nick Lampson (22nd district of Texas), Galveston Mayor Lyda Ann Thomas and Tobin Harvey, senior advisor with the U.S Department of Energy, christened the facility at a ribbon-cutting ceremony today.

Chevron USA, through its subsidiary, Chevron Technology Ventures, has a 22 percent equity position in GBB.

"Chevron's investment is a tangible manifestation of the company's strategy to invest in renewable energy technologies," said Donald Paul, vice president and chief technology officer, Chevron. "Biofuels are playing an increasingly important role in diversifying our nation's energy portfolio. With growing demand, the nation needs all the sources of energy to contribute to supply. Our involvement with BioSelect Galveston will allow us to apply our world-class capabilities in transportation fuel manufacturing and distribution while expanding our knowledge and experience in large-scale biofuels production," said Paul.

"Chevron is setting an example for the energy industry by constant innovation and proactive leadership to create new energy sources, like the added domestic fuel production capacity at BioSelect, which is critical in meeting growing demand," said John Berger, Chairman and CEO of Standard Renewable Energy.

BioSelect Galveston will produce biodiesel from soybeans and other renewable feedstocks. The biodiesel will be sold to the marine, commercial, trucking and industrial markets for use as pure biodiesel or biodiesel blended with off-road or on-road diesel. The facility has multiple transportation options due to its rail, barge and deep water access and is located in the heart of the U.S. energy infrastructure.

BioSelect is targeting aggressive expansion plans across multiple large-scale sites nationwide, with plans for capacity of 470 million annual gallons by 2010.

About Biodiesel

Biodiesel is a clean-burning, biodegradable and renewable fuel made from a variety of feedstocks. According to the National Biodiesel Board, U.S. biodiesel production more than doubled last year to an estimated 225 million gallons.

The U.S. Department of Energy estimates that biodiesel could account for 10 percent of the U.S. petroleum diesel market by 2015. The U.S. diesel and distillate market was 60 billion gallons in 2005.

Key benefits of biodiesel include:

  • It can be transported through traditional fuel pipelines.
  • Biodiesel can be used in most diesel engines with little or no modification. Many leading automotive manufactures have approved B20 in their commercial, military and government vehicles.
  • Biodiesel has a lubricity improvement over petroleum diesel fuel, leading to extended engine life.
  • Rapidly expanding availability, with over 700 current retail sources.

About BioSelect

BioSelect is a division of Standard Renewable Energy. Standard Renewable Energy is a fully integrated renewable energy company serving commercial and residential customers with clean renewable energy and energy efficiency solutions. BioSelect is a developer and operator of biodiesel facilities, offering the highest quality biodiesel fuel to the global marketplace. BioSelect is focused on oil industry collaboration to bring biofuels mainstream. For more information please visit: www.bioselectfuels.com

About Chevron Technology Ventures

Chevron Technology Ventures (CTV), a division of Chevron, USA, Inc., champions innovation, commercialization and integration of emerging technologies and related new business models within Chevron. CTV is pursuing this goal through business units involving biofuels, hydrogen, emerging energy and venture capital.

In 2006, Chevron Technology Ventures formed a business unit to advance technology and pursue commercial opportunities related to the production and distribution of biofuels in the United States.

Chevron Corporation has had operations in the U.S. Gulf of Mexico and surrounding states for more than 60 years. Chevron is one of the world's leading energy companies. With approximately 56,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.

Updated: May 2007