Slick Virgin oil to lubricate market

Sir Richard Branson is taking on the oil industry.

The British billionaire vows to build the most environmentally friendly fuel company in the world.

Sir Richard, who shook up the Australian aviation and superannuation industries, has established Virgin Fuel to build or acquire ethanol plants to develop a new product, cellulosic ethanol.

“In 15 years, today’s fuel will have to be phased out or replaced with 50 per cent cellulosic ethanol, which is completely environmentally friendly,” Sir Richard said.

Surging crude-oil prices in the past 12 months have driven record profits in the already-wealthy oil sector.

Sunday Times (Australia)