Industrial enzyme maker Novozymes A/S, which has teamed up with China's COFCO and Sinopec for a biofuel project, will jointly invest up to 90 billion yuan ($13.17 billion) with the two companies in the deal, the South China Morning Post reported on Monday.

Denmark's Novozymes -- the world's biggest producer of industrial enzymes -- together with China National Cereals, Oil & Foodstuff Corporation and top Asian refiner China Petroleum and Chemical Corp, would develop an industry chain to collect agricultural waste, process it into bioethanol and distribute the clean fuel through petrol stations, Novozymes Chief Executive Steen Riisgaard was reported as saying.

The project was aimed at capitalizing on China's demand for clean fuels and the need to cut carbon dioxide emissions, Riisgaard said.

(Reporting by Sui-Lee Wee; Editing by Chris Lewis)