Gulf Ethanol Extends Liaison to Uruguay for Ethanol Development
HOUSTON--Gulf Ethanol Corp. (OTC:GFET) plans to establish a liaison office in Montevideo, Uruguay through which it can coordinate activities with business partners interested in developing sweet sorghum production as an ethanol feedstock. Sweet sorghum is a non-food crop alternative to corn and sugarcane. Bob Starkey, Vice President of Plant Development, will be in Uruguay this month to determine locations and further cement business ties with various Uruguayan businesses.
The Uruguayan Delegation recently met with executives of Gulf Ethanol to determine the suitability of Gulf Ethanol's participation in the budding alternative energy industry in Uruguay. Uruguay is in the process of developing 16 new pilot projects for sweet sorghum and a new law is imminent which will open up renewable refining to the private sector. Uruguay's government expects that this industry will grow given that Uruguay should be able to produce ample feedstock.
"This is an exciting time to be a part of the budding Alternative Energy Industry," JT Cloud, CEO of Gulf Ethanol said. With U.S. corn growers producing around 11 billion bushels of corn a year, more than 25 percent of that will go to ethanol production by the end of 2008," he continued. "Ethanol producers and distillers must find economically stable sources of feedstock if ethanol is to remain as the nation's leading alternative fuel."
According to USDA Chief Economist Keith Collins, 14 percent of the corn crop went into ethanol production last year. He says that number will rise to about 20-percent this year. The report of large increases in ethanol dedicated corn production and the improving outlook for ethanol pricing, driven by strengthening crude-oil prices, will likely add support to companies like Gulf Ethanol Corporation, Archer Daniels Midland (NYSE: ADM), and Pacific Ethanol, Inc. (NASDAQ: PEIX).
"We believe Uruguay is an excellent location for a cellulosic ethanol plant because it shares many of the same attributes as southeast Texas, where Gulf Ethanol is in the process of selecting a site for a cellulosic plant based on sweet sorghum," Robert Starkey, Vice President Refinery and Plant Development, Gulf Ethanol Corp, explained.
About Gulf Ethanol Corporation
Gulf Ethanol will produce, distribute, and blend biofuels. Headquartered in Houston, Gulf Ethanol began as an importer of ethanol based fuel for blending operations from South America and the Caribbean Islands. For more information please visit our homepage at: www.GulfEthanolCorp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contacts
Gulf Ethanol Corporation, Houston
William Carmichael, 713-461-9229
Fax: 713-461-9230
ir@gulfethanolcorp.com
The Uruguayan Delegation recently met with executives of Gulf Ethanol to determine the suitability of Gulf Ethanol's participation in the budding alternative energy industry in Uruguay. Uruguay is in the process of developing 16 new pilot projects for sweet sorghum and a new law is imminent which will open up renewable refining to the private sector. Uruguay's government expects that this industry will grow given that Uruguay should be able to produce ample feedstock.
"This is an exciting time to be a part of the budding Alternative Energy Industry," JT Cloud, CEO of Gulf Ethanol said. With U.S. corn growers producing around 11 billion bushels of corn a year, more than 25 percent of that will go to ethanol production by the end of 2008," he continued. "Ethanol producers and distillers must find economically stable sources of feedstock if ethanol is to remain as the nation's leading alternative fuel."
According to USDA Chief Economist Keith Collins, 14 percent of the corn crop went into ethanol production last year. He says that number will rise to about 20-percent this year. The report of large increases in ethanol dedicated corn production and the improving outlook for ethanol pricing, driven by strengthening crude-oil prices, will likely add support to companies like Gulf Ethanol Corporation, Archer Daniels Midland (NYSE: ADM), and Pacific Ethanol, Inc. (NASDAQ: PEIX).
"We believe Uruguay is an excellent location for a cellulosic ethanol plant because it shares many of the same attributes as southeast Texas, where Gulf Ethanol is in the process of selecting a site for a cellulosic plant based on sweet sorghum," Robert Starkey, Vice President Refinery and Plant Development, Gulf Ethanol Corp, explained.
About Gulf Ethanol Corporation
Gulf Ethanol will produce, distribute, and blend biofuels. Headquartered in Houston, Gulf Ethanol began as an importer of ethanol based fuel for blending operations from South America and the Caribbean Islands. For more information please visit our homepage at: www.GulfEthanolCorp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contacts
Gulf Ethanol Corporation, Houston
William Carmichael, 713-461-9229
Fax: 713-461-9230
ir@gulfethanolcorp.com
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