St1 Norge AS and C2Biotrade sign LOI to explore sustainable biofuels

June 2, 2018 |

In Norway, St1 Nordic Oy’s Norwegian subsidiary, St1 Norge AS, signed a letter of intent with C2Biotrade to explore the afforestation of low alternative land in Colombia with the aim of biologically capturing and storing atmospheric carbon and at the same time producing biofuels with remarkably high greenhouse gas savings.

St1 is seeking a solution which both establishes a new sustainable biofuels supply chain to the Nordics and at the same time contributes to international afforestation activities. C2Biotrade is seeking to establish plant oil plantations on unfertile and low alternative land to capture carbon from the atmosphere and produce feedstock for the production of climate friendly biofuels with a greenhouse gas reduction of 134% vs. fossil fuels.

The letter of intent covers, among others, a framework for how to establish an off-take agreement that would enable an increase of biofuels supply to the Nordics in an environmentally, socially and economically sustainable way. When successful, the project would help to increase the employment levels in the region, and thereby contribute to the ongoing peace attained less than two years ago.

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Category: Fuels

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