DES PLAINES, Ill. (AP) -- A Honeywell subsidiary on Wednesday signed an agreement with China National Petroleum Corp. to work on developing a range of biofuel technologies and projects in China.

The companies will work together to produce green transportation fuels using feedstocks available within China. They will also collaborate to produce both green diesel as well as renewable jet fuel from Chinese biofeedstocks, and more.

The agreement was announced during the China-U.S. Joint Commission on Commerce and Trade.

The initiatives are aimed at enabling China's CNPC to meet its renewable energy targets.

Shares Honeywell added 83 cents, or 2.3 percent, to $36.88 in afternoon trading.