In a bid to expand interests in biofuels for the reduction of greenhouse gas emissions in the transportation sector, ExxonMobil (XOM) has acquired a 49.9% stake in Biojet AS. Shares of the natural gas company, ExxonMobil, gained 4.2% on Tuesday to close at $71.35. Biojet is a biofuels company that seeks to convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components. The company plans to develop five facilities to produce biofuels and biofuel components. As per the agreed terms, ExxonMobil will be able to purchase about three million barrels of the products per year. The deal marks the company’s efforts to develop and deploy lower-emission energy solutions.
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