Korea Biofuel Corp. signs $72 million MOU for microalgae-based oil

In South Korea, Medium reports that Aussie Green Bio Energy has signed a Memorandum of Understanding with Korea Biofuel Corporation to develop $72 million in microalgae-based oil over the next 10 years. Aussie Green Bio Energy plans to set up 4,000 containers at its plantation in Malaysia, producing 40 tons of oil per day. In turn, 12,000 tons of that oil will be sold to Korea Biofuel Corp. Aussie Green Bio Energy also plans to generate CO2 reduction certificates as an additional revenue source from the project.