26 October 2012 03:44 [Source: ICIS news]
HOUSTON (ICIS)--BP has abandoned its plans for a commercial-scale cellulosic ethanol plant in Florida and will refocus its biofuels strategy on licensing technology and research and development (R&D), the energy producer said on Thursday.
BP said it first announced plans in 2008 to build a 36,000 gal/year (136,260 litre/year) plant in Highlands County.
It said in 2009 it planned to carry out the project in partnership with US biotech firm Verenium, with total investments estimated at $250m-300m (€193m-231m).
“Given the large and growing portfolio of investment opportunities available to BP globally, we believe it is in the best interest of our shareholders to redeploy the considerable capital required to build this facility into other more attractive projects,” said Geoff Morrell, BP vice president of communications.
BP said it continues to invest in and operate a biofuels research facility in San Diego, California, and a demonstration plant in Jennings, Louisiana, to further develop next generation cellulosic biofuel technologies and license them for commercial use.
($1 = €0.77)
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