S. S. Lootah Group, a Dubai-based holding company, signed an agreement with AlgaOil Ltd. to develop biofuels from algae.
AlgaOil, a producer of algae with high oil content in the Philippines, will set up ponds for large-scale algae output and convert it for use as biofuel with Lootah Biofuels, according to an e-mailed statement mail from S. S. Lootah today. Lootah Biofuels, a wholly owned subsidiary of S. S. Lootah, said it plans large-scale production of algae oil in Dubai, under the memorandum of understanding it signed with AlgaOil.
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