Thailand projects that biofuels sales will triple in 2008; oil imports plummet as biofuels mandate takes hold, currency improves

In Thailand, Energy Minister Piyasvasti Amranand said that biofuels sales would increase in 2008 to $469 million from $157 million in 2007. He said that the cost of oil imports have fallen 10% as a result of biofuel usage and a stronger currency, adding that gasoline would be replaced by E10 and E20 blends by 2012.

Thai biofuel demand has increased more than 100 percent for 2007; the spur in biofuels sales comes not only from the introdcution on E20, but the implementation of a B2 mandate. Demand is so brisk that major oil traders may be required to establish mandatory strategic reserves of ethanol and biodiesel in addition to conventional fossil fuels.

Biofuel distributor Bangchak said that it had voluntarily set up a reserve of 790,000 gallons of ethanol and 378,000 gallons of biodiesel.

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