[oil_from_algae] Galp Energia invests in algae to biofuel project

Galp Energia invests in algae to biofuel project
Filed from Singapore
3/14/2008 11:22:09 AM GMT

PORTUGAL: Lisbon-based Galp Energia on Mar. 13 signed a partnership
agreement with the Portugese Engineering, Technology and Innovation
(INETI) and Algafuel to develop an algae-based biofuel and carbon
capture project.

The project aims to develop second generation biofuels from algae and
recycled carbon dioxide at an internationally competitve price. The
partners will set up a pilot plant in Sines for the production of
microalgae-based biomass and vegetable oil using combustion gases
captured at Galp Energia’s refinery located in the same city.

Galp recently unveiled plans to invest more than 1 billion euros
(US$1.6 billion) in the development of second generation biofuels and
another 2.8 billion euros (US$4.4 billion) to modernise its
refinerise at Sines and Porto.

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