ExxonMobil: takes 49.9% stake in Biojet

(CercleFinance.com) - ExxonMobil is taking a 49.
9% stake in Biojet, a Norwegian biofuels company.

The company converts wood-based construction and forestry waste into low-emission biofuels and biofuel components.

Biojet plans to develop up to five facilities to produce the biofuels and biofuel components. Commercial production will begin in 2025 at a plant to be built in Follum, Norway.

The agreement allows ExxonMobil to purchase up to 3 million barrels of product per year, based on the potential capacity of five facilities.

The agreement with Biojet advances ExxonMobil's efforts to provide low-emission products for the transportation sector, it said.


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