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| ConocoPhillips and Archer Daniels Midland Company
Announce Alliance to Develop Next-Generation Biofuels
HOUSTON, TX / DECATUR, IL, Sept. 27, 2007 --- ConocoPhillips [NYSE:COP] and Archer Daniels Midland Company [NYSE:ADM] today announced that they have agreed to collaborate on the development of renewable transportation fuels from biomass.
The alliance will research and seek to commercialize two components of a next-generation biofuel production process:
• The conversion of biomass from crops, wood or switchgrass into biocrude, a non-fossil substance that can be processed into fuel; and
• The refining of biocrude to produce transportation fuel.
“ConocoPhillips believes that the development of next-generation biofuels is a critical step in the diversification of our nation’s energy sources,” said Jim Mulva, chairman and chief executive officer, ConocoPhillips. “We are hopeful that this collaboration will provide innovative technology toward the large-scale production of biofuels that can be moved efficiently and affordably through existing infrastructure.”
Patricia Woertz, chairman and chief executive officer, ADM, added, “As we advance our global bioenergy interests, this alliance with ConocoPhillips represents an important next step. Innovative collaboration like this will identify and bring to market feasible, economic and sustainable next-generation biofuels.”
Edited by dloc 9/28/2007 10:12
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Why no discussion in the ag press?
