Shell exits German biofuels joint venture CHOREN

06 November 2009 18:45  [Source: ICIS news]

TORONTO (ICIS news)--Shell has sold its stake in German biofuels joint venture CHOREN to the firm's remaining stakeholders, the companies said on Friday.

However, Shell would continue to provide technical expertise to CHOREN, which is developing second-generation biofuels, it said.

All parties had agreed not to disclose any “information on the general business-related background to this transaction”, it added.

Media officials at the firm’s German head office in Hamburg were not immediately available for additional comment.

According to CHOREN, its remaining shareholders, which include carmakers Daimler and Volkswagen, remained committed and were planning to raise money to finance more projects.

CHOREN last year opened a €100m ($167m) biomass-to-liquids (BTL) plant, described as the world's first commercial BTL facility.

In August, Shell sold its 50% stake in a German photovolatic joint venture to partner Saint-Gobain

($1 = €0.67)

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By: Stefan Baumgarten
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