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Gold/Mining/Energy : Archer Daniels Midland

ADM 56.97

+0.4%

Nov 7 9:30 AM EST

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From: richardred	9/27/2007 11:37:04 AM
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ADM and ConocoPhillips to Make Biofuel Thursday September 27, 10:52 am ET Archer Daniels Midland, ConocoPhillips Team Up to Make Fuel From Biomass NEW YORK (AP) -- Archer Daniels Midland Co. and ConocoPhillips said Thursday they will team up to develop biofuel, creating a partnership between the biggest U.S. ethanol producer and one of the biggest oil refiners. ADM, a Decatur, Ill.-based agricultural processing company, will provide "biomass," or organic material left over from crops, wood or switchgrass. Houston-based ConocoPhillips will convert the materials into "biocrude" fuel for transportation. The companies did not release financial details of the agreement. The collaboration strengthens an ongoing trend across the energy industry, supported by government initiatives, to explore renewable resources rather than relying on fossil fuels. ADM shares rose 13 cents to $33.49 while ConocoPhillips rose 91 cents to $88.21 in morning trading. biz.yahoo.com

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