Petron a large gasoline player in the Philippines has committed Philippine (Ps) 260m ($5.4m) to change its fuel facilities in readiness for the soon to be implemented biofuels act, according to my good friend Matt Kovac. writing on ICIS news.
(Disclosure: I work for ICIS. About ICIS)
The news came slightly ahead of President Arroyo signing the Philippines Biofuels Act into law.
Petron will upgrade its 1,000-plus service stations, as well as refineries, depots and pipes in order to comply with the law, which will mandate the use of a 5% ethanol/95% gasoline blend.