Exxon Mobil in Biofuels Move With Norwegian Biojet Stake

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Exxon Mobil said it has acquired a 49.9% stake in Norwegian biofuel company Biojet AS, which plans to convert forestry and wood-based construction waste into biofuels and biofuel components.

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Agreement with Biojet AS advances Exxon Mobil’s efforts low emission products for the transportation sector,” said Ian Carr, president of Exxon Mobil (ticker: XOM) Fuels and Lubricants, in a statement Tuesday.

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

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The deal means Exxon Mobil will be able to buy 3 million barrels/year of biofuel that can be used for passenger vehicles and heavy trucks.

Exxon said last year that it would spend $3 billion by 2025 On “Low Emission Energy Solutions”.

The oil producer said on Tuesday that biofuels and biofuel components could meet advanced fuel requirements under Norwegian, EU and UK regulations and that biofuels produced from wood waste could reduce life-cycle greenhouse gas emissions by up to 85%. can help reduce

The International Energy Agency (IEA) predicts that global biofuel demand There will be an increase of 28% over the next 5 years, reaching 186 billion liters.

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