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ExxonMobil expands biofuels interests
ExxonMobil is expanding its interests in biofuels that can help reduce greenhouse gas (GHG) emissions in the transport sector, acquiring a 49.9% stake in Biojet, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components.
Biojet plans to develop up to five biofuels facilities, with first commercial production targeted to begin in 2025 at a manufacturing plant to be built in Follum, Norway. ExxonMobil is expecting to purchase as much as 3mn b/y the biofuels products produced, distributing them in Norway and to countries throughout north-west Europe.
According to the European Union Renewable Energy Directive, biofuels produced from wood waste can help reduce life-cycle GHG emissions by 85% compared to petroleum-based diesel.
Biojet’s biofuels will initially be used for passenger vehicles and heavy trucks. However, additional opportunities in the marine and aviation sectors may develop as the market for lower-emissions biofuels expands.
In other company news, ExxonMobil’s majority-owned affiliate Imperial Oil is moving forward with plans to produce renewable diesel at a new complex at its Strathcona refinery, Canada. ExxonMobil has also expanded its agreement to purchase up to 5mn b/y of renewable diesel from Global Clean Energy’s biorefinery in California, US. Chemically similar to petroleum-based diesel, renewable diesel and other biofuels can be readily blended for use in engines on the market today.
Biojet’s biofuels facilities will use forestry and wood-based construction waste as feedstock