In a bid to meet the growing energy needs in the country, the Indian Oil Corporation has entered into a Memorandum of Understanding with a US based company to produce fuel from algae. Official sources said Florida based 'Petroalgae' will transfer the technology to extract oil from algae to India. The two stage programme will focus on research and commercial prospects of the project. AIR correspondent reports that large scale research work is on to explore commercially viable sources of fuel from non-conventional sources. This includes various programmes focusing on producing bio-diesel from Jatropha seeds and Sugarcane byproducts.<br/>