Chevron starts biofuel venture with Weyerhaeuser
Oil giant Chevron Corp. and timber giant Weyerhaeuser Co. started a joint venture to develop biofuels.
San Ramon-based Chevron (NYSE: CVX) and Federal Way, Wash.-based Weyerhaeuser (NYSE: WY) each own half of the new company, called Catchlight Energy LLC. Michael Burnside, a 33-year veteran of Chevron, is CEO of the new venture. Densmore Hunter of Weyerhaeuser is chief technology officer.
Catchlight will seek biofuels made from non-food sources, particularly cellulose-based biomass. It will have offices in both San Ramon and Federal Way for the time being, said a Chevron spokesman.
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