At its algae farm in the high desert of southwest New Mexico, San Diego-based Sapphire Energy is helping to change the way America’s fuels are produced. And recently, one of the largest petroleum companies in the world signed on as its first commercial customer.
Sapphire Energy has entered into a commercial agreement with Tesoro Refining and Marketing Company, LLC, a subsidiary of Tesoro Corporation, to purchase crude oil from Sapphire Energy’s Green Crude Farm in Columbus, New Mexico. This begins the first step of a commercial relationship to process Green Crude oil from Sapphire’s future commercial facilities. Tesoro Corporation, a Fortune 150 company, is an independent refiner and marketer of petroleum products, with a retail-marketing system including over 1,400 branded retail stations
On the scale of oil production, from supergiant oil fields to marginal shale reserves, Sapphire Energy’s output ranks as “artisanal.” In a deal announced yesterday, Sapphire will, for the rest of 2013, supply US oil refiner Tesoro with precisely two barrels, or 84 gallons, of oil a day. Tesoro’s refineries can handle 675,000 barrels a day.
Show me the gallons? Where’s all the algae fuel, you ask?
In Sapphire Energy’s case, it’s headed for Tesoro.
Sapphire Energy Inc., a Bill Gates- backed producer of crude oil from algae, said Tesoro Corp. (TSO) is its first customer.
Tesoro, the largest independent refiner on the U.S. West Coast, is purchasing an undisclosed amount of the oil produced at its demonstration plant in Columbus, New Mexico, closely held Sapphire said today in a statement. The agreement is “the first step of a commercial relationship” to process oil from planned commercial-scale facilities, the San Diego-based company said.
Sapphire Energy, which is making “green crude” oil in southern New Mexico, on Wednesday said it has entered a sales agreement to sell its oil to Tesoro Refining and Marketing Co.
San Diego-based Sapphire Energy says today it has agreed to supply crude oil produced from algae at its “Green Crude Farm” near Columbus, NM, under a new commercial agreement with Tesoro, the independent oil company based in San Antonio, TX.
BIO announces breakout session program for 2013 World Congress--Jeff Webster, COO, Sapphire Energy Inc. is slated to speak during the Developments in Drop in Biofuels breakout session on Tuesday, June 18, 8:30 am-10 am.
President Barack Obama has conferred with more than a dozen oil, natural gas and clean-energy executives, as well as academic advisers, at the White House in advance of an energy-policy speech in Illinois next week, spokesman Josh Earnest said.
The IIT Entrepreneurship Academy in association with Wanger Institute for Sustainable Energy Research (WISER) hosted a talk by Alumni Cynthia (C. J.) Warner. While WISER invited Ms. Warner as a part of their 2013 WISER/Galvin Center Seminar Series, IIT Entrepreneurship Academy invited her for a talk on the story behind her successful career as an energy executive, and to network with fellow IIT students, faculty and staff.