DuPont Bio-Based Materials and Statoil have signed an agreement to form a joint venture to further develop the world’s only methane-based fermentation production facility. Terms were not disclosed. The joint venture, to be called Norferm AS, will focus on developing new, high-value products for the animal feed markets and fermentation industry. Norferm AS will be based in Stavanger, Norway, with research and development facilities located in Odense, Denmark, and Wilmington, Delawere. The joint venture expects to be operational in the second quarter of 2003, subject to European Union approvals.
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CONTACT (Dupont): Anthony Farina, +1 302 774 4114, anthony.r.farina@usa.dupont.com; or Statoil: Rannveig Stangeland, + 47 51 99 94 26, or mobile, + 47 481 259 78, or rasta@statoil.com
