Biofuel and biorefinery portfolios of petroleum companies–Policy and nomenclature implications

Abstract

This research investigated the biofuel and biorefinery portfolios of several prominent petroleum companies. The results show that they invested in biofuel research, and produced, not only conventional but also, innovative biofuels, such as crude, bio oil, green naphtha, hydrogenated vegetable oil, renewable natural gas, renewable compressed natural gas, sustainable aviation fuel, sustainable liquefied petroleum gas, bio-liquefied natural gas, bio-butanol, bioethanol and alcohol-to-jet fuels. They are also converting petroleum refineries to biorefineries. However, their current efforts remain insufficient for net zero target attainment. Four petroleum companies divested from some biofuel portfolios because of inconsistent energy policies’ impacts on profitability. These biofuels and their diverse feedstock and production processes highlight the great need for the establishment of international biofuel and biorefinery product nomenclatures, standardization and policy upgrades to ensure net zero attainment.