WASHINGTON: Oil giant Exxon Mobil plans to announce a US$600 million (US$1 = RM3.59) investment to produce liquid transportation fuel from algae, The New York Times reported.
The effort by Exxon, whose chairman and CEO Rex Tillerson once derided ethanol as “moonshine”, includes a partnership with the biotechnology company Synthetic Genomics.
A top Exxon research told the newspaper that the company has researched fuel alternatives for years.
“We literally looked at every option we could think of, with several key parameters in mind,” said Emil Jacobs, vice-president for research and development at Exxon’s research and engineering unit. — AFP
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