ExxonMobil expands in biofuels acquiring 49.9% stake in Biojet AS
The oil giant is expanding in the biofuels sector to provide low-emissions products for the transportation sector, having acquired a 49.9% stake in the Norwegian Biojet AS. Biojet wants to convert forestry and wood-based constructions waste into lower-emissions biofuels and biofuels components with the development of five new facilities. ExxonMobil will purchase up to 3 million barrels of Biojet’s products annually, based on the potential capacity of the new facilities. Ian Carr, President of ExxonMobil Fuels and Lubricants Company, said, “The agreement with Biojet AS advances ExxonMobil’s efforts to provide lower-emissions products for the transportation sector. Using our access at the Slagen terminal, we can efficiently distribute biofuels in Norway and to countries throughout northwest Europe.” Biofuels are projected to gain big traction worldwide with the European Union Renewable Energy Directive, projecting that biofuels produced from wood waste can help reduce life-cycle greenhouse gas emissions by 85% compared to petroleum-based diesel.