Chevron has formed Silicon Valley Oil Co., (SVOC), an online marketplace that plans to enable sales of fuels and lubricants to commercial and industrial customers through the Internet.
Various large petroleum marketers, such as Hasco Oil and Thomas Petroleum, have joined in on the site from its commencement - providing feedback during live testing.
Chevron collaborated on this project with Computer Sciences Corp. during the initial strategy formulation, market research and creation of SVOC, which is scheduled to be launched during the third quarter. The site will allow transactions such as placing orders for diesel fuel and bidding to fill these orders - leveraging current business practices with the convenience and efficiency of the Internet.