Biofuels 'most promising' renewable energy source

Biofuels show potential in the renewable resources sector, one expert has claimed.

Chief executive officer of Royal Dutch Shell Peter Voser told the Wall Street Journal his company is concentrating on this form of energy as it is the most promising.

"We are focusing a lot on biofuels at this stage," he remarked. "We just announced a few weeks ago a big joint venture in Brazil."

As part of the project, Shell is using its first and second-generation Biofuels technologies together with sugar ethanol-producer Cosan, Mr Voser added.

He explained that the venture will "speed up the process" of boosting second-generation capabilities in the area.

According to the oil boss, 25 per cent of the organisation's current research and development budget goes towards renewable technologies.

Earlier this year, Shell signed a contract with Petronas Carigali and the Ministry of Oil of the Republic of Iraq to provide technical help with the extraction of the resource at Majnoon.