ExxonMobil Acquires Stake in Norwegian Biofuel Company Biojet
ExxonMobil (ExxonMobil) announced on November 11 that it agreed to acquire a 49.9% stake in Norwegian biofuel company Biojet for an undisclosed amount.
ExxonMobil said Biojet plans to convert forestry and wood construction waste into low-emission biofuels and biofuel components.
Biojet plans to develop as many as five production facilities, with commercial production expected to begin in 2025 at a plant in Follum, Norway. And based on the potential capacity of the five facilities, Exxon can buy up to 3 million barrels of biofuel products per year.
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