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ExxonMobil expands interest in biofuels

ExxonMobil is expanding its interests in biofuels to help reduce greenhouse gas emissions in the transport sector. The Company has acquired a 49.9% stake in Biojet AS, a Norwegian biofuels company that will convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components.

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This latest investment builds on efforts to develop and deploy lower-emission energy solutions globally. Biofuels produced from wood waste can help reduce life-cycle greenhouse gas emissions by 85% compared to petroleum-based diesel.

Biojet AS will develop up to five facilities to produce the biofuels and biofuel components, with commercial production scheduled to begin in 2025 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.

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.

Ian Carr, president of ExxonMobil Fuels and Lubricants Company, said: “Using our access at the Slagen terminal, we can efficiently distribute biofuels in Norway and to countries throughout northwest Europe.”

Since 2000, ExxonMobil has invested more than $10 billion to research, develop and deploy lower-emission energy solutions and in 2021 established a Low Carbon Solutions business that is currently evaluating biofuels, carbon capture and storage, and hydrogen projects around the world.