ConocoPhillips, the US' third largest oil company, and Archer Daniels Midland Company, one of the main grain operators in the world, have announced a joint venture to develop and sell biofuels obtained from crops, wood and switchgrass.

"ConocoPhillips believes that the development of the next biofuels generation is a crucial step in diversifying the US sources of energy", said Jim Mulva, ConocoPhillips CO, and added "We're confident that this joint venture will reach groundbreaking technology to mass produce biofuels, which can be transported using existing infrastructures".

Patricia Woertz, ADM's CEO, said that "innovative collaboration like this will allow to identify and generate a sustainable and cost-effective new generation of biofuels".

Other recent projects by ConocoPhillips include an agreement with Tyson Foods, the biggest meat company in the US, to make biofuels from animal fat and a $22.5 million project with Iowa State University to fund biofuel research.

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[Source: Infocampo Argentina via Econoticias]