ConocoPhillips and ADM announce joint venture

By Michael Shirek | August 27, 2007
Posted Oct. 1, 2007, at 7:59 a.m. CDT

ConocoPhillips and Archer Daniels Midland Co. (ADM) announced late last week that they have come to an agreement to develop renewable transportation fuels from biomass. The joint venture between the major oil company and the nation's second-largest ethanol producer will focus on the production and refining of biocrude, a non-fossil substance that can be processed into fuel much like crude oil.

According to an ADM press release, the two companies will work to commercialize two biomass processes that will convert cellulosic materials into a product that can be used as transportation fuel. The result would be the conversion of crop residue, wood residue and energy crops such as switchgrass into biocrude and then refine that biocrude into a useable product.