Oil major ExxonMobil has purchased a 49.9% stake in a Norwegian biofuels company.

The company has invested an undisclosed amount in Biojet AS which produces biofuels from forestry and wood-based construction waste.

The deal will allow ExxonMobil to buy as much as three million barrels of biofuels every year.

The products will be used mostly for passenger vehicles and heavy trucks.

ExxonMobil’s investment underpins its commitment to increasing spending on its low carbon business to meet its targets for reducing greenhouse gas emissions.