News releases Jan. 11, 2022
ExxonMobil expands interest in biofuels, acquires stake in Biojet AS
IRVING, Texas – ExxonMobil is expanding its interests in biofuels that can help reduce greenhouse gas emissions in the transportation sector, acquiring a 49.9% stake in Biojet AS, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components.
News releases Jan. 11, 2022
- Lower-emissions biofuels and biofuel components to be produced from wood waste
- Advances efforts to help reduce greenhouse gas emissions in the transportation sector
- Agreement includes 49.9% stake in Biojet AS and offtake agreements for up to 3 million barrels per year
ExxonMobil’s majority-owned affiliate, Imperial Oil Ltd., is moving forward with plans to produce renewable diesel at a new complex at its Strathcona refinery, and ExxonMobil expanded its agreement🅘 to annually purchase up to 5 million barrels of renewable diesel from Global Clean Energy’s biorefinery in California. Chemically similar to petroleum-based diesel, renewable diesel and other biofuels can be readily blended for use in engines on the market today.Since 2000, ExxonMobil has invested more than $10 billion to research, develop and deploy lower-emission energy solutions.
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