Lootah Biofuels to jointly collaborate with AlgaOil and plan to extract biofuel from algae

A Memorandum of Understanding (MoU) was signed in this regard by Mr. Yousif Bin Saeed Al Lootah, CEO, Lootah Biofuels and Klaus Dieter, CEO, AlgaOil Ltd..The agreement framework will allow Lootah Biofuels to combine its local knowledge and engineering talent(successful establishment of the biodiesel production facility in Dubai) with AlgaOil Ltds global knowledge and very good infrastructure for algae cultivation to produce alternative fuel production. Commenting on the partnership, Mr. Yousif Lootah CEO, Lootah Biofuels said "In line with UAE's vision for sustainable development, this project aims at developing alternate ways of extracting new raw material for Biofuels. We believe that algae can be a good replacement for vegetable oil based biofuel. We are in no doubt that this partnership will take Biofuel production in the region to the next level."

Mr. Klaus Dieter, CEO, AlgaOil Ltd said "We are pleased to collaborate with a well-established partner like Lootah Biofuels to provide the future high value algae oil. Keeping in mind the extensive need for alternative fuels, we are confident that working together will bring optimal solutions to the most challenging opportunities for sustainability."

Lootah Biofuels aims to introduce and innovate sustainable solutions for the long-term energy requirements. By rapidly growing production capacity, strengthening distribution channels, and redefining biodiesel quality, the company continues to expand the reach of biofuels that are economic and environment friendly. AlgaOil Ltd. is focused on the production of algae by carrying out field trails for the gaining of algae biomass and algae oil. AlgaOil will utilize its high end research on the cultivation of microalgae and set up open ponds for bigger scale algae production. The two companies will combine their expertise for the research and development of microalgae, converting it into new high oil content raw material for bio fuels.

Lootah Biofuels will also provide this project with all the necessary local help to fast track completion of the project. Based on the success of the initial start-up, the algae oil mass production will start in Dubai after 6 to 18 months.