Two corporate giants are teaming up to produce biofuels and boost their bottom lines. Tyson Foods, the world's biggest meat producer, and third-largest U.S. oil company ConocoPhillips will be using about half of Tyson's animal fat to make a renewable diesel fuel, which will account for about 3% of ConocoPhillips's total production.
By 2009, the companies hope to be turning 2.3 billion pounds of animal fat into 175 million gallons of biodiesel per year. ConocoPhillips will put $100 million into the project over the next five years, and Tyson hopes its new customer base will improve its flagging financial performance. (Read more ConocoPhillips stories.)