Bioethanol joint venture plans impaired

As a result of the continuing fall in crude oil and bioethanol prices, along with the weakening of the euro versus sterling, Associated British Foods (ABF) has decided to impair its investment in Vivergo Fuels, its wheat-fed bioethanol joint venture with BP and DuPont in the UK.

The interim results for the 24 weeks ending 28 February will include a non-cash exceptional charge of £98 million.