ExxonMobil Expands Interest in Biofuels, Acquires Stake in Biojet AS
11 Gennaio 2022 - 1:01PM
Business Wire
- 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 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.
Biojet AS plans to develop up to five facilities to produce the
biofuels and biofuel components. The company anticipates commercial
production to begin in 2025 at a manufacturing plant to be built in
Follum, Norway. The agreement enables ExxonMobil to purchase as
much as 3 million barrels of the products per year, based on the
potential capacity of five facilities.
“The agreement with Biojet AS advances ExxonMobil’s efforts to
provide lower-emissions products for the transportation sector,”
said Ian Carr, president of ExxonMobil Fuels and Lubricants
Company. “Using our access at the Slagen terminal, we can
efficiently distribute biofuels in Norway and to countries
throughout northwest Europe.”
Biofuels and biofuel components can meet the requirements for
advanced fuels under Norwegian, European Union and United Kingdom
regulations. According to the European Union Renewable Energy
Directive, biofuels produced from wood waste can help reduce
life-cycle greenhouse gas emissions by 85% compared to
petroleum-based diesel.
When produced, Biojet AS’s biofuels can be used for passenger
vehicles and heavy trucks. Additional opportunities for marine
transportation and aviation may develop as the market for
lower-emissions biofuels expands.
The investment in Biojet AS builds on ExxonMobil’s continuing
efforts to develop and deploy lower-emission energy solutions.
ExxonMobil established a Low Carbon Solutions business in 2021 and
is currently evaluating biofuels, carbon capture and storage, and
hydrogen projects around the world.
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.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy companies, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. To learn more, visit exxonmobil.com and
the Energy Factor.
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Cautionary Statement
Statements of future events, plans or product offerings in this
release are forward-looking statements. Actual future results,
including product offerings, investment performance, delivery
timing. available capacity, and the impact and results of new
technologies on product efficiency and life-cycle emission
reductions could vary depending on the outcome of general business
conditions; further research and testing; the development and
competitiveness of alternative technologies; the ability to scale
pilot projects on a cost-effective basis; political and regulatory
mandates, incentives and other developments; and other factors
discussed in this release and under the heading “Factors Affecting
Future Results” on the Investors page of ExxonMobil’s website at
exxonmobil.com.
Exxon Mobil Corporation has numerous affiliates, many with names
that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For
convenience and simplicity, those terms and terms such as
Corporation, company, our, we, and its are sometimes used as
abbreviated references to specific affiliates or affiliate groups.
Nothing contained herein is intended to override the corporate
separateness of affiliated companies.
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