Synthetic photosynthesis look-a-like?

I just read that a Italian research group is developing a means of converging CO2 to linear carbohydrates via photoelectrocatalysis. Ie put light on container with CO2 and an appropriate catalysis surfaces (and some other tricks along the way) and out pops petrol or diesel.

A way of diminishing the problems with fossil fuels?
But also perhaps of taking the fossil fuels out of the equation entirely?

Their critics say that at the moment the effiency is very low and would cost a bundle to implement as it is ...

I found the info on Solar alchemy on 2006-09-15.

In true Italian spirit there is absolutely nothing about this on the Messina University website (not even info on the researcher Gabriele Centi).