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ExxonMobil Acquires Stake in Norwegian Biofuels Company Biojet AS.

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Vincent

MANews-(C)2009-2022

US-based oil and gas major ExxonMobil (NYSE: XOM) is expanding its interests in biofuels, acquiring a 49.9% stake in Norwegian biofuels company Biojet AS, the company said.

Biojet plans to convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components.

Biojet AS plans to develop up to five facilities to produce the biofuels and biofuel components. The company anticipates commercial production to begin in 2025 at a manufacturing plant to be built in Follum, Norway.

The agreement enables ExxonMobil to purchase as much as 3m barrels of the products per year, based on the potential capacity of five facilities.

Biofuels and biofuel components can meet the requirements for advanced fuels under Norwegian, European Union and United Kingdom regulations.

According to the European Union Renewable Energy Directive, biofuels produced from wood waste can help reduce life-cycle greenhouse gas emissions by 85% compared to petroleum-based diesel.

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