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Posted by Industry News on Mar 29, 2013

Sapphire Energy announced that it has entered into an agreement with Tesoro Refining and Marketing Company. LLC to purchase Sapphire's Green Crude. The biofuels will come from Sapphire's refining facility in New Mexico. The Green Crude is produced by converting wet algae to crude oil. MarketWatch reports:

"In less than one year, Sapphire Energy has started up its commercial demonstration to grow algae; has produced crude oil from our farm; and now with Tesoro as our first commercial customer, we're providing barrels of our oil to be refined for market use," said Cynthia 'CJ' Warner, CEO and chairman of Sapphire Energy. "This moment is enormously important for the industry as it validates the benefits and advantages of Green Crude, and confirms its place as a market-viable, refiner-ready, renewable crude oil solution."