Dubai, October 14, 2012: Both Lootah Biofuels and AlgaOil Ltd. announced the entry into a new project in which the two companies will merge their expertise together to develop new high oil content raw material for Biofuels such as Algae Oil.  

A Memorandum of Understanding (MoU) was signed in this regard by Mr. Yousif Bin Saeed Al Lootah, CEO, Lootah Biofuels and Klaus Dieter, CEO, AlgaOil Ltd..The agreement framework will allow Lootah Biofuels to combine its local knowledge and engineering talent(successful establishment of the biodiesel production facility in Dubai) with AlgaOil Ltds global knowledge and very good infrastructure for algae cultivation to produce alternative fuel production. Commenting on the partnership, Mr. Yousif Lootah CEO, Lootah Biofuels said "In line with UAE's vision for sustainable development, this project aims at developing alternate ways of extracting new raw material for Biofuels. We believe that algae can be a good replacement for vegetable oil based biofuel. We are in no doubt that this partnership will take Biofuel production in the region to the next level."

Mr. Klaus Dieter, CEO, AlgaOil Ltd said "We are pleased to collaborate with a well-established partner like Lootah Biofuels to provide the future high value algae oil.  Keeping in mind the extensive need for alternative fuels, we are confident that working together will bring optimal solutions to the most challenging opportunities for sustainability."

Lootah Biofuels aims to introduce and innovate sustainable solutions for the long-term energy requirements. By rapidly growing production capacity, strengthening distribution channels, and redefining biodiesel quality, the company continues to expand the reach of biofuels that are economic and environment friendly. AlgaOil Ltd. is focused on the production of algae by carrying out field trails for the gaining of algae biomass and algae oil. AlgaOil will utilize its high end research on the cultivation of microalgae and set up open ponds for bigger scale algae production.  The two companies will combine their expertise for the research and development of microalgae, converting it into new high oil content raw material for bio fuels.

Lootah Biofuels will also provide this project with all the necessary local help to fast track completion of the project. Based on the success of the initial start-up, the algae oil mass production will start in Dubai after 6 to 18 months.

About LOOTAH BIOFUELS
A fully owned subsidiary of S.S. Lootah Group, Lootah Biofuels was founded in 2010 to address the growing demand for alternative fuels in the region. Keeping in line with the UAE's vision for sustainable development, Lootah Biofuels aims to introduce and innovate sustainable solutions for the long-term energy requirements. Our high quality Biodiesel Processor converts used vegetable oil into Biodiesel which can fuel commercial vehicles. By rapidly growing production capacity, strengthening distribution channels, and redefining biodiesel quality, Lootah Biofuels will continue to expand the reach of biofuels that are economic and environment friendly.

About AlgaOil Ltd.
AlgaOil Ltd. was founded in 2010 in Singapore and is focused on the production of algae with high oil content for the gaining of algae biomass and algae oil in the Philippines. The extraction of oil from algae has the advantage that it can solve waste water problems at the same time, because the algae can use pollutants in the water for its own growth. Also, CO2 out of the air can be absorbed in the cells of the algae. The extraction of oil from algae is the ideal alternative to other hand alternative fuels, as they can also be used as food, for example corn and soy beans. Algae on the hand can be grown inexpensively and does not add to the debate of "food vs. fuel". Further, algae have the advantage that they can produce many times over the amount of oil per hectare. For example, corn produces 0.9 barrel per hectare, soy beans roughly 2.5 barrel per hectare and palm oil roughly 32 barrel per hectare per year. The growing of algae allows a yearly production of 100 barrels per hectare.

PR Contacts
Dimple Menezes
dimplem@sslootah.com
S.S. Lootah Group
Tel: 04 2099327

© Press Release 2012