ExxonMobil acquires 49.9% stake in Norway’s Biojet AS

In Texas, 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.