Tesoro Is First Customer for Sapphire’s Algae-Derived Crude Oil
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Sapphire Energy Inc., a Bill Gates-backed producer of crude oil from algae, said Tesoro Corp. 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.