National oil conglomerate PTT Plc expects algae-based biofuel will be commercially viable by 2017 at the price of US$150 per barrel, says chief executive Pailin Chuchottaworn.

Within that date algae-based petrol could be able to compete with fossil oil, which is expected to hit $150 per barrel, up from this year’s average of $110, Dr Pailin told a forum of the second Asia-Oceania Algae Innovation Summit held in Bangkok yesterday.

”Although the price of algae biofuel is two to three times higher than fossil fuels, in the future we are going to have economy-of-scale production and appropriate strains for biofuel production,” said Dr Pailin.

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