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The four oil companies - BP/Amoco, Mobil, Shell and Caltex/Ampol - met with prime minister John Howard in Sydney. They will now prepare a separate action plan to present to the government detailing their contribution towards reaching the target.
After describing the agreement as a “breakthrough,” Howard added it was crucial consumer confidence was restored in biofuels.
The meeting was announced last week following the release of the government's biofuels taskforce report.
Another media report suggested biofuels would contribute to less than 1% of Australia’s total fuel supply if the target were reached.
