Chemrez wants to boost export sales

Philippine oleochemical producer Chemrez Technologies Inc. said it would expand the company’s foreign sales, including to countries such as Vietnam, Thailand, Japan, Turkey, the United States and Australia, executives said. The company’s product line includes coconut methyl ester (CME), glycerine and other methyl derivatives, which are used primarily as foaming agents for soaps and detergents. The firm also has a growing business in additives and colorants, as well as “green” chemicals, which are used as organic substitutes for petroleum-based products. Chemrez has continued to sell more CME or biodiesel to the local market after the government raised the mandated blend to 2%. The company reported a 37.2% rise in net income of Php131.7 million (US$2.73 million) in the first quarter of 2009. (June 10, 2009)