Exxon opens biofuels trader role as it expands lower-emission initiatives

Source: By Sabrina Valle in Houston and Liz Hampton in Denver, Reuters • Posted: Tuesday, April 26, 2022

Logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro

HOUSTON, April 25 (Reuters) – Exxon Mobil Corp (XOM.N) is recruiting a biofuel and ethanol trader in North America, the company said in a social media post, as part of its efforts to develop lower emission fuels.

The largest U.S. oil producer plans to invest $15 billion over six years to lower its greenhouse gas emissions including through biofuels. Demand for renewable fuels and carbon credits is rising as buyers transition to a lower-emission market. read more

The position will be responsible for developing and capturing commercial and derivative trading opportunities supported by production and supply chain footprint in the U.S and Canadian markets, Exxon said in a LinkedIn posting.

In the role, the trader will work with suppliers and customers to manage risk across the value chain, including feedstocks, biofuels, and renewable credit markets, the posting said.

“Our investment in biofuels builds on ExxonMobil’s continuing efforts to develop and deploy lower-emission energy solutions,” spokesperson Todd Spitler said in a written statement, declining to elaborate on commercial transactions.

Exxon has made a push into developing biofuels at its Strathcona, Edmonton, Canada oil refinery and agreed this year to acquire a stake in Biojet, a Norwegian biofuels company.

Reporting by Sabrina Valle in Houston and Liz Hampton in Denver; Editing by Sam Holmes