I’ve just had this email from the press office at BP about its joint venture with Verenium which was mentioned in an earlier post today.
We remain focused on commercializing the technology that we are developing jointly with Verenium and continue to progress development activities with the commercial JV that we announced in February in order to make commercialization possible.
I should point out that the auditor’s opinion in the earlier story today related to the year which ended on 31 December 2008. BP has pumped $45m in to a joint venture as an up front payment and may make a further $45m available in future years to the JV.
BP adds that it has agreements safeguarding its finances in joint ventures.